Academy Gold Refinery in Yangon started producing a new design of one tical gold bar weighing 16.3292 grams on February 12 according to the Yangon Region Gold Entrepreneurs Association.
Although the weight of one kyat has been set at 16.3293 grams since 1967, the weight of one tical of gold had been calculated at only 16.606 grams in trading in the market.
Now, the Mineral (Gold) Reference Price Determination Committee has issued a regulation to calculate the weight of 1 tical in the market at 16.3293 grams and therefore, the gold bar is being produced with the adjusted weight. Since this new weight is now the same as the world gold weight, Myanmar gold will be able to be traded internationally, U Myo Myint, Chairman of the Yangon Region Gold Entrepreneurs Association said on the association’s social media page.
To enable Myanmar gold to enter the foreign markets including US, UK and Japan, a laboratory for quality standard of gold will be established at the Yangon Region Gold Entrepreneurs Association Office. The gold reference price announced by the Mineral (Gold) Reference Price Determination Committee on February 14 is 5.49 million kyats per tical.
