PM orders enhanced measures to control gold market
The State Bank of Vietnam (SBV) must join hands with competent agencies to fully and effectively implement timely measures to stabilise the gold market under a recent dispatch by Prime Minister Pham Minh Chinh.
PM Pham Minh Chinh has ordered the State Bank of Vietnam to carry out measures to stabilise the gold market. Illustrative image (Photo: dangcongsan.vn)
Hanoi (VNA) – The State Bank of Vietnam (SBV) must join handswith competent agencies to fully and effectively implement timely measures tostabilise the gold market under a recent dispatch by Prime Minister PhamMinh Chinh.
The Government has repeatedly requested the central bank to keep aclose watch on the global and domestic gold prices so as to control the marketas its recent complicated developments have had anegative impact on the monetary market and market sentiment.
Relevantsides are ordered to carry out comprehensive evaluation and meticulous analysisand take effective and timely measures which are in line with currentregulations and market principles to handle the substantial gap between domesticand global gold bar prices. The move aims at preventing the "goldernisation" inthe domestic economy as well as negative influence on the foreign exchange marketand national financial and monetary safety and security.
The bank must work to complete legal framework, mechanisms, and policiesrelated to gold market management and business activities, while recommendingcompetent authorities to consider amendment and supplement to existingregulations to improve the efficiency of the state management tools. It is also asked to report the progress to the Prime Minister before March 22.
Furthermore, it is ordered to conduct inspections at gold tradinginstitutions, timely detect loopholes, and have suitable settlement.
Communicationswork must be given due attention so as to provide the public with official informationas well as policies related to the management of the financial, monetary, foreignexchange and gold markets, helping stabilise the public sentiment.
The Ministry of Public Security is ordered to work closely with the SBV andcompetent agencies to mete out strict punishment to any violations, especiallygold smuggling, speculation and manipulation that cause instability to themarket./.
The State does not encourage the trading of gold bars, protect their prices, nor accept too large differences between domestic and global gold prices, and between SJC and other types of gold bars, said Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
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PM Pham Minh Chinh has ordered the State Bank of Vietnam to carry out measures to stabilise the gold market. Illustrative image (Photo: dangcongsan.vn) 
