Complaints can be filed against actions that can affect the stability of the financial market, according to a statement released by the Monitoring and Steering Committee on the Gold and Currency Market.
The state administration council has formed the Monitoring and Steering Committee on the Gold and Currency Market to control and stabilise domestic gold and currency prices, which are very important to domestic and foreign trades. The committee has taken measures to form a complaint scrutiny team to assist in modifying the stability of domestic currency prices.
Such financial market harming activities include the illegal holding of foreign currency, illegal trade, manipulation, selling or transferring of the ownership of basic assets like property or cars, not complying with the payment restrictions of the Central Bank of Myanmar and being involved in changing the cash with a percentage, etc. If such activities are discovered, complaints can be sent to the complaint scrutiny team of the Monitoring and Steering Committee on Gold and Currency Market through email: gmm.complaint@cbm. gov.mm or phone: 067-3409463 or 09- 43006833.
The objectives of the committee are to inspect and prosecute against market manipulation, check if there is compliance with payment rules or not, proceed against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, rules and regulations in line with the official directives, illegal procurement of foreign currency, illegal trade and taking legal actions against price manipulators. Currently, the gold price is around two million Kyats per tical (0.578 ounce or 16g) while the exchange rate exceeds 2,000 Kyats per dollar.
Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on December 17, 2021 as the gold and currency market stability play a crucial role in trade facilitation.
