Pure gold price slides again to K2.8 mln per tical

Pure gold spot price fell again to K2.8 million per tical (0.578 ounce or 0.016 kilogramme) in the domestic market, tracking the slide in the Kyat- US dollar exchange rate in the local forex market. The US dollar is exchanged for around K3,100 against the local currency. In August, the dollar hit a tremendous high of over K4,500 in the unofficial markets. Following the depreciation of Kyat, the pure gold price reached a record-high of K3.7 million per tical. The gold price is approximately K2,830,000 per tical in the domestic market. T

he governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market on the afternoon of 14 September in Nay Pyi Taw. At the meeting, the governor of the CBM remarked the further coordination of the departments concerned, gold bar transactions to be made with the banking system and operations of the banks, further support of the ministries concerned and the CBM to achieve price stability, and further cooperation between gold businesspersons and the officials.

The Ministry of Natural Resources and Environmental Conservation declared the sales of gold coins weighing one tical, 0.5 tical and 0.25 tical through state-run media on 2 September. The gold coins are available every day except during office holidays. In September 2021, a dollar value hit a peak of over K3,000 in the black market, pushing the pure gold up to K2.22 million per tical. Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on the Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability plays a crucial role in trade facilitation.

The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal foreign currency holding, illegal trade and taking legal actions against price manipulators. Furthermore, the officials concerned will crack down on people involved in charging a percentage for money withdrawals at the banks as shadow money. 

Source: The Global New Light of Myanmar

Kawthoung, Myeik Archipelago eye more visitors in October

The open season for travel is drawing near, and preparations are being made for local and foreign visitors to the islands in the Kawthoung and Myeik districts of the Taninthayi Region, according to the Directorate of Hotels and Tourism (Nay Pyi Taw). The local and foreign travellers start visiting the islands of Kawthoung and Myeik districts in the peak season. The tourism industry faced a decline in the COVID-19 outbreak and the government resumed domestic/international flights on 17 April 2022 to remedy the tourism sector. Currently, the local visitors pay a visit to the islands of Kawthoung and Myeik and arrangements are being made for the foreign visitors.

The tours to Kawthoung and Myeik Archipelago are prepared to reopen as per the COVID-19 preventive measures. There are over 800 islands in Taninthayi Region and over 200 islands in Myeik Archipelago and is an island where Myanmar’s only Marine National Park, Lampi Island, is located. According to the research of marine experts, there are 195 evergreen forests, 63 flora on mangrove and sand-dune forests and 19 types of mammals and cold- and warm-blooded animals on the coral reefs. The well-known islands in Kawthoung District are Lampi Island, Bocho Island, Hlainggu Island, Saturn Island, Kophawt Island, Taunglapoh Island, NyaungU Phee Island, Natthamee Yaytwin Island, Done Island, Done Yetagun Island, Ngaman Islands, 254 and 256 Islands, Myanmar Bam Island, Auknee Island, Tawwin (South) Island, Tawwin (North) Island, Macleod Island, Kyunn Phila Island and Nanathee Island.

The Myeik Archipelago boasts perfect islands like Thameehla Island, Taungpangyi Island, Bailey Island, King Island or Marcus Island, Smart Island or Parpa Island, Cock Comb Island, 115 Island and Waale Island. The Myeik Archipelago tourism Industry was implemented in 2014 and the Taninthayi Region’s tourism industry was well developed hosting between 200 and 300 travellers per day during long holidays. The officials arrange speed boats and vessel services for transportation and the tour guides follow the instructions of departments concerned for the safety of travellers and not affecting the natural environment by cooperating with the residents. “We have high expectations this open season. We make preparations to start with local travellers. The hotels are reopened and some make preparations. There is information provided on the website and media for travel in cooperation with the regional government. The main point is that arrangements are being made to provide services in accordance with the COVID-19 health rules at the hotels and the hotels are also granted HSP certificates. The department conducts training courses for tourist guides regarding COVID-19 preventive measures.

Therefore, we are making efforts for the travellers to be able to take good rest during their trip. Kawthoung and Myeik archipelago are indeed the best places for travelling and excursion,” said U Zeyar Myo, Deputy Director-General of the Directorate of Hotels and Tourism (Nay Pyi Taw). The department was invited to the International Tourism Fair in Seoul in August 2022 and International Travel Expo Ho Chi Minh City (ITE HCMC 2022) and will promote the tourism industry of the country in 2023. The travellers to these islands can study the lifestyle of Salon people who are described as Sea Gipsy, the natural beauty of the sea and islands, coral reefs and fish species by diving, and can go fishing, study the whales, dolphins, sea turtles, seals, Hornbills, sea butterfly, Mali bird, Grey-rumped Swiftlet and other bird species. The community-based tourism, hoteliers, tourist guides, boat drivers and locals are expecting a large volume of travellers to Kawthoung and Myeik archipelago where the world’s best golden pearls are produced. 

Source: The Global New Light of Myanmar