Gold market inspector: Resolutely handle serious violations, including criminal law violations

ANTD.VN - The State Bank is focusing resources to complete the inspection of 2 credit institutions and 4 gold trading enterprises as planned; resolutely fighting to clarify, handle and propose competent authorities to strictly handle violations, including criminal law violations (if any).

Has reduced the gold price difference

After the 7th session of the 15th National Assembly , the State Bank continued to receive a series of questions from voters related to gold market management.

In a recent response, the State Bank of Vietnam said that it has had a series of solutions to handle the high gold price difference, stabilize the gold market, and contribute to stabilizing the macro economy .

According to the State Bank of Vietnam, in recent times, world gold prices have continuously increased, reaching a historic peak on September 26, 2024 at 2,700 USD/ounce.

The world gold price increased due to the following main reasons: gold is a special commodity, highly liquid, a preferred storage asset especially in times of economic and geopolitical fluctuations. Along with that, the psychology of investors is affected by macroeconomic instability, inflation, geopolitical tensions in the world, the bankruptcy of Credit Suisse bank of Switzerland and some US banks; and the increase in gold purchases by central banks of countries to supplement foreign exchange reserves.

The domestic gold bar price has increased and has a high difference compared to the international gold price since 2021. From a difference of about 3 million VND/tael in the period 2014-2021, from the end of 2021 until now, the price difference compared to the world has increased and at times reached 18 million VND/tael (approximately 25%). This risks affecting social psychology regarding macroeconomic and monetary stability.

Implementing the directions of the Government and the Prime Minister, based on current legal regulations, the State Bank has coordinated with ministries, branches and localities to comprehensively deploy solutions to handle the high gold price difference, stabilize the gold market, and contribute to stabilizing the macro economy.

In particular, the State Bank has directed local State Bank branches to coordinate with relevant agencies to strengthen the work of monitoring the situation, checking and inspecting gold trading activities in the localities.

Require credit institutions and businesses licensed to buy and sell gold bars to strictly comply with legal regulations on gold trading activities; implement the invoice and document regime according to legal regulations.

The State Bank also requested the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance to strengthen inspection, supervision, and monitoring work according to their assigned functions, tasks, and powers; strictly handle violations of the law such as gold smuggling across the border, manipulation, profiteering, etc., causing instability in the gold market.

Coordinate well in communicating solutions and directions of the State Bank.

SJC gold price has reduced the difference with world gold price

In particular, based on current legal regulations, the State Bank has organized direct auctions and sales of gold bars to supplement the supply of SJC gold bars to the market...

With the synchronous solutions of the State Bank and the effective coordination of functional agencies, the difference between the domestic SJC gold bar price and the converted world gold price has decreased significantly (on September 25, 2024, the difference was about 4 million VND/tael).

Strictly handle violations through inspection results

In the coming time, the State Bank said it will continue to implement necessary measures according to regulations to control the difference between domestic and international gold prices at an appropriate level under the direction of competent authorities.

Coordinate with relevant ministries and branches to resolutely carry out inspections and examinations of the gold market, activities of gold trading enterprises, stores, agents distributing and trading gold bars.

In particular, focus resources to complete the inspection of 2 credit institutions and 4 gold trading enterprises according to plan. Resolutely fight to clarify, handle and propose to competent authorities to strictly handle violations, including violations of criminal law (if any).

At the same time, the State Bank is currently completing a report proposing amendments to Decree 24/2012/ND-CP, including the content on the management of gold bar production to complete the legal framework for the management of gold trading activities, ensuring adherence to the Party's policies and guidelines, the Government's and the Prime Minister's instructions in managing the gold market, in accordance with the practical situation on the basis of selectively absorbing international experience in managing the gold market, especially from countries with similar business environments and political institutions.

Source: https://www.anninhthudo.vn/thanh-tra-thi-truong-vang-kien-quyet-xu-ly-nghiem-ke-ca-vi-pham-phap-luat-hinh-su-post592252.antd