National Assembly Urges Government to Establish National Gold Exchange
The National Assembly has officially called on the government to set up a national gold exchange, citing the need for greater transparency, stability, and accountability in the country’s rapidly expanding gold market. The proposal aims to regulate trading activities, protect consumers, and reduce risks linked to price manipulation and informal gold transactions.
A Push for Market Stability
Lawmakers noted that gold demand has surged in recent years as citizens increasingly view the precious metal as a safe investment. However, the current market operates largely through unregulated retail shops, making pricing inconsistent and difficult to monitor.
A national gold exchange, they said, would:
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Standardize gold prices
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Reduce illegal and unlicensed trading
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Improve consumer protection
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Strengthen national financial security
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Increase transparency in gold import and export data
The Assembly emphasized that modernizing the gold market is necessary to support long-term economic growth and financial integrity.
Protecting Consumers and Preventing Fraud
One of the key motivations behind the proposal is the rising number of complaints related to:
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Fake or low-quality gold
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Unfair pricing
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Unclear transaction records
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Scams involving investment-grade gold
A centralized exchange would require all gold traded on the platform to meet verified purity standards, giving consumers more confidence when buying or selling.
Officials also believe it would help prevent money laundering and ensure taxes and import duties are properly accounted for.
Digital Tools and Modern Trading Systems
The National Assembly suggested that the gold exchange include:
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A real-time digital pricing system
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Secure electronic trading
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Transparent transaction records
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Government-verified quality certification
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Oversight by financial regulators
These tools would modernize the gold sector and align it with international best practices, similar to gold exchanges operating in Singapore, Dubai, and Shanghai.
Economic Benefits
Experts say a regulated gold exchange could:
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Attract more investors
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Create new financial products linked to gold
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Boost government revenue
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Strengthen the country’s position within regional markets
It may also help stabilize prices during periods of global economic uncertainty, when gold becomes a high-demand safe-haven asset.
Government Response Expected Soon
The government is expected to review the National Assembly’s request and begin evaluating the legal and structural requirements to set up a national gold exchange. Early discussions suggest the system may be implemented in phases, beginning with digital price transparency and standardized certification.
Officials say the plan could significantly reshape the nation’s gold industry and provide a safer, more efficient marketplace for millions of consumers and investors.
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