SBV willing to permit gold imports

VGP – The State Bank of Việt Nam (SBV) on August 8 said that it is willing to permit importing gold to help stabilize the market, which witnessed a price hike to a record of VND 44.6 million (US $2,165) per tael, VND 2 million (US $97) higher than the global price.

August 09, 2011 7:14 AM GMT+7

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Ph.D Nguyễn Minh Phong, an economist blamed the impacts of the US’s public debts, overspending budget and downgraded credit rating and fears of a possible public debt crisis in the EU for the sharp surge in local gold prices.

The economist, however, pointed to psychological reasons and international speculation as other reasons behind the soaring gold price.

The SBV reiterated its consistent policy of stabilizing the dong value and reckoned risks of gold purchase by people at the moment.

The SBV is watching closely the market development and will allow imports of gold imports to make the market stable as well as prevent speculation and manipulation of this valuable goods./.

By Khánh Phương