SBV to allow additional gold imports

VGP – The State Bank of Việt Nam (SBV) is closely monitoring global and domestic gold prices and would allow more bullion imports if necessary to stabilize the overheated domestic market, said SBV Governor Nguyễn Văn Bình.

August 23, 2011 5:04 PM GMT+7

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The SBV will allow addition gold imports to deal with manipulation and speculation, Mr. Bình added.

Mr. Bình announced that the central bank would take measures to make domestic and global prices closer by VND 400,000 (US $19.21) per ounce.

The SBV would also apply reasonable mechanism for credit organizations to utilize domestic gold storage in order to stabilize the market.

Earlier, the SBV permitted gold dealers to import five tons of gold. So far, about three tons have already arrived.

SVB Governor Nguyễn Văn Bình said that the central bank is working on a new decree on price management to make the gold market stable and increase national reserves in the long run.

The central bank also hopes to mobilize idle gold from citizens for national development and its stronger intervention in the domestic market./.

By Hương Giang