SBV plans to buy up gold from public
20:20 | 01/02/2012
VGP - The State Bank of Việt Nam (SBV) will submit to the Government a proposal to buy up gold from citizens, in a bid to boost socio-economic development, said SBV Governor Nguyễn Văn Bình.

Illustration photo

The SBV has asked the Government to issue a decree to replace Decree 174 on gold production and trading management, including gold bars, said Mr. Bình.

The SBV proposal is based on the draft decree as well as the recently issued Government Decree 95, which governs administrative penalties in currency and gold trading.

Mr. Bình said that gold-market management must guarantee the benefits of gold depositors and ensure sufficient capital sources for socio-economic development.

The Governor went on to say that these tools could prevent gold speculation in the economy, stabilize gold market and adjust domestic gold prices in accordance with the world price. In addition, they could back socio-economic development goals in the country.

According to SBV's assessment, the amount of gold currently held by the public in the country is about 300-500 tons, valued at US $16.59-27.65 billion.

Under the proposed gold mobilization scheme, the State will buy up gold via credit institutions, which will act as agents of SBV./.

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