Deputy Governor: State Bank will increase supply to reduce gold price

Deputy Governor Pham Thanh Ha said the State Bank emphasized that it has prepared intervention plans to stabilize the gold market.

The State Bank emphasized that it has prepared intervention plans to stabilize the gold market. (Photo: Vietnam+)

On April 12, Mr. Pham Thanh Ha - Deputy Governor of the State Bank said that implementing the Prime Minister 's direction on Conclusion No. 160, the State Bank will immediately deploy solutions to "cool down" the domestic gold market.

Specifically, for the gold bar market, the State Bank will increase supply to handle the high difference between domestic gold prices and world prices.

For the gold jewelry and fine art market, the State Bank will continue to create maximum conditions to ensure sufficient raw materials for production activities to export gold jewelry and fine art.

In addition, the State Bank will coordinate with relevant ministries and branches to require businesses to deploy the use of electronic invoices in gold trading transactions to improve transparency and management efficiency.

Along with that, the State Bank will conduct inspections of gold trading activities of enterprises and credit institutions nationwide in 2022, 2023...

On the other hand, the State Bank also immediately carried out the work of grasping the situation, inspecting, examining, and supervising according to its assigned functions, tasks, and powers; strictly handling acts of gold smuggling across the border, profiteering, speculation, and manipulation of gold prices. Regarding inspection activities, the State Bank and ministries and branches have completed the establishment of inspection teams and will deploy them immediately this April.

"Regarding Decree 24, the State Bank has had a summary report assessing the implementation process of the Decree and has also proposed a number of directions for amending and supplementing Decree 24 and implementing it in the coming time," the Deputy Governor added.

Earlier this morning, the Government Office issued Notice No. 160 on the Prime Minister's conclusions at a meeting on solutions to manage the gold market in the coming time.

In the announcement, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to closely monitor the developments in world and domestic gold prices. According to the assigned functions, tasks and authority, with available tools and conditions, proactively and promptly implement solutions and tools to manage the gold market according to regulations to intervene promptly.

Immediately and consistently handle the situation of high difference between domestic and international gold prices, ensuring the gold market operates stably, healthily, openly, transparently and effectively.

"We must put the common interests of the nation and people first and foremost," the Prime Minister emphasized the requirements in the process of managing the gold market.

Market developments this morning show that after only a few hours of trading, the price of SJC gold at many businesses has reached 85 million VND/tael, the highest ever.

In the world, the price of gold continued to increase by 11 USD compared to this morning, reaching 2,389 USD/ounce. This price when converted is equivalent to 72.45 million VND/tael./.

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