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Commodity markets to join electronic network
(Volume 26, No. 513)
A group of foreign tourists will explore Myanmar by hot air balloon this month. This picture shows them flying above Loikaw last January. Pic: Supplied
COMMODITY centres nation-wide will be hot wired together this year, a Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) official said last week.
The plan to link the nation’s exchange centres electronically begins with the biggest first – the Bayintnaung Wholesale Commodity Exchange Centre in Yangon – and branches out from there.
The purpose of linking the whole network is to ensure price parity for commodities nationally.
U Thaung Tin, a vice president at the UMFCCI, said that the trade body signed an implementation agreement with Myanmar Info-Tech on February 26.
“In the new system a web portal will be set up and the different centres will be required to update price changes. The existing network relies solely on telephone calls and faxes,” he said, adding that this caused price inconsistency.
The backbone of the new network will be an intranet, meaning that even if problems with the national gateway restrict access to the worldwide web, it will not affect people within the country from checking or updating pricing, he said.
He added that after the network is established the company will try to set up a market research team to provide market information, including international prices, market demand and price analysis at each commodity centre.
U Aung Zaw Myint, the managing director of Myanmar Info-Tech, said his company is working to get the network running as soon as possible.
A beans and pulses trader said the new system will benefit not only the commodity exchange centres but also farmers, brokers and traders.
