ALL PHOTOS: SAI ZAW / THE IRRAWADDY
The custom of saving gold won’t disappear. People love gold. while we’re buying or selling gold. We also have different installment practices for buying property, so we need more cash flow in the market. When the government prints more money to meet requirements, inflation increases. How is the gold production rate in Myanmar at present?
banking system here. In other countries, when they sell or buy property, they don’t need cash. But here, [physical] cash is essential for
everything. With more economic growth, the cash requirements are greater and inflation is also rising. We need a lot of [physical] money
It’s possible that gold production will decline soon as current production levels are massive. It’s amazing that gold can be found in all 14 states and regions, although the production rates are different. Myanmar gold production could be among the highest in ASEAN. However, natural resources will run out sooner or later. The production of rubies, jade and gems is decreasing in Mogok and Hpakant right now. But gold production is still quite good as there are new gold plots around the country and demand remains high.
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May 2015
TheIrrawaddy
47