Myanmar will ban the import and export of bulk gold



        Recently, the Myanmar Second Mining Company notified the Yangon Gold Association not to allow the import and export of bulk gold.


  In order to promote the legalization of national gold exports, legal collection of taxes, and legalization of the gold market, Myanmar has allowed Myanmar nationals to legally operate gold imports and exports since January 22, 2018.


   The import and export requirements of gold bullion and gold bullion that meet the pure gold standard strictly abide by the relevant laws of the Central Bank and foreign exchange management regulations.


   Other gold products require the quantity, standard, price, etc. to be reported for import and export licenses valid for 30 days.


According to relevant laws and regulations, bulk gold trade refers to more than 200 million kyats (approximately 150,000 U.S. dollars), 2 kyats (approximately 3333 grams) or more, 5 million to 200 million kyats are medium-sized trade; less than 50 million kyats For small trade.


   At present, Myanmar gold exports have one-stop service, mainly gold jewelry, and the export scale is not large.


  Import and export are required to have a license. The import and export channels can be through air, water and border ports, and customs, commercial taxes and special commodity taxes are required.