YANGON, May 8 (Xinhua) -- Myanmar's local gold traders are planning to start up gold export and import businesses following the government's announcement of relaxing rules for trading gold products abroad, the official Global New Light of Myanmar reported Tuesday.

The export and import of gold and jewellery were permitted by the Ministry of Commerce aiming at eradicating illegal trading as well as earning more revenue for the government and maintaining the market's stability.

The traders will start the export and import of pure gold in accordance with the international gold weight measurement standard of fine gold and gold bar with slightly lower standard than pure gold.

The international buyers are permitted to make payments through letter of credit or telegraphic transfer system regulated by the Central bank of Myanmar.

Meanwhile, the country's domestic gold price was registered as 939,000 kyats (690 U.S. dollars) per tical while the global gold price was up to 1,317 U.S. dollars per ounce so far, the report said.

The country's domestic gold prices has been fluctuating once hitting a record high with 950,000 kyats (698 U.S. dollars) in January this year.