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SBV to resume gold bar auctioning

VGP - The State Bank of Viet Nam (SBV) has finalized necessary procedures to restart auctioning gold bars to increase market supply after an 11-year hiatus.

April 16, 2024 8:52 AM GMT+7
SBV to resume gold bar auctioning- Ảnh 1.

Illustration photo

The central bank will announce further information one day before the official auction session.

So far, 26 commercial banks and gold trading enterprises have established gold bar trading transactions with the central bank. However, 15 of them are qualified to participate in the auction.

While the State monopoly on gold bar production is considered a crucial measure to control gold supply, SBV has not conducted auctions to increase the supply of gold bars in the market since 2014.

However, after nearly a decade, the limited supply of SJC gold bars in the market may be one of the reasons why the price gap between SJC gold bars and international prices remains high, nearly VND14 million per tae.

Late last week, Deputy Governor Pham Thanh Ha reported that the SBV will increase the supply of gold bullion to handle the existing huge difference in domestic and world gold prices.

This is one of the bold solutions raised by the SBV after Prime Minister Pham Minh Chinh asked for prompt efforts to stabilize the domestic gold market, ensuring its transparent, health and efficient operation.

Under Vietnamese regulations issued in 2012, the state has the exclusive right to produce gold bars, and to export and import raw gold to produce bars to limit the impact of price fluctuations on exchange rates, inflation and macroeconomic stability./.