May 27, 2013

Yangon to open commodity exchange centre

A Commodity Exchange Centre will be opened in Yangon to gain access to real-time information of export markets, Tun Lwin, Chairman of Myanmar Pulses, Beans & Sesame Seeds Merchants Association, said.

“The main purpose of the Commodity Exchange Centre is to collect real-time market information. For example, when we export beans to India, we need to know true information about India market. As we don’t currently have any information networks, we have to ask the brokers for information we need.

“Information from Commodity Exchange Centre will enable us to evaluate the market correctly. This will prevent frauds and verbal agreements commonly found in our beans market. Therefore, we have proposed it to the government,” he said.

Myanmar exports beans mainly to India, and its bean market has usually seen serious fluctuations in price as lack of reliable information leads to inaccurte calculation in the market.

Source: Eleven Weekly Media