MYANMAR’s biggest commodity exchange centre, Bayintnaung in Yangon, has launched the country’s first electronic information system – displaying commodity prices in real time – starting October 1.

According to U Hoke Kyi, vice president of the exchange centre, told The Myanmar Times that they are going to release market prices for all consumer products in the future on daily basis. For the present, they will display only the prices of beans and pulses.

“This is only the first phase of our project to release prices for all commodities trading in Bayintnaung. We are still facilitating the remaining network programmes for finalising this weekend. We expect to display the prices for additional items such as edible oil crops, onions, garlic, potatoes, chilli and so on from next week,” U Hoke Kyi said.

Prices are per viss or per tonne and price fluctuations will show up on the 46-inch screen in the Bayintnaung building, he said.

This plan is intended to facilitate a uniform pricing system across the country in line with international market prices. Plans are already afoot to extend the system to all commodity exchange centres in all the 14 States and Divisions in the country, another senior executive of the centre said.

According to a resolution of the Yangon Division committee of the Union of Myanmar Chambers of Commerce and Industry, members of the Division will sit from 9-12am every Monday to Friday to set daily prices for display on the screen. Another TV screen will display prices of items from other States and Divisions’ commodity exchange centres by direct networking.

International market prices for the items will also be displayed.

“This will help achieve market consistency in exchanging commodity trades locally or internat-ionally,” U Hoke Kyi said.