The State Bank was assigned to summarize Decree 24 on gold trading and propose solutions to manage this market in the first quarter, as requested by the Prime Minister .
Decree 24/2014 on gold management and trading was issued by the authorities with the aim of preventing the goldization of the economy . Since then, SJC has been considered a national gold bar brand. The State Bank does not import gold to produce gold bars, causing the gold supply to decrease. This leads to the fact that the market is often out of balance between supply and demand, with world prices increasing little while domestic prices have increased very high.
In Directive 06 dated February 15, Prime Minister Pham Minh Chinh requested management agencies to summarize Decree 24 and have solutions to manage this market in the first quarter to "adapt to the new situation".
At the end of 2023, the domestic price was 20 million VND higher than the world price, forcing the management agency to speak up and request ministries to inspect the buying and selling of gold bars and raw gold. At that time, the State Bank said it was ready to increase the supply of SJC gold bars to the market and have solutions to limit the impact on exchange rates and inflation.
Experts say that gold is a common commodity, everyone can use it and the State does not necessarily have a monopoly.
People buy gold bars at a gold shop in Binh Thanh district, Ho Chi Minh City. Photo: Quynh Tran
Also in Directive 06, the Prime Minister requested the State Bank to manage credit growth in 2024 at about 15% to meet the economy's capital needs. The monetary management agency was assigned to continue directing banks to simplify procedures, facilitate capital transportation for businesses, further lower loan interest rates, and limit black credit.
Forecasting that the world and domestic situation will still have many difficulties, the Government requires ministries, branches and localities to reform administrative procedures, reduce business conditions and immediately remove obstacles for people and businesses.
Localities are still slow in clearing land for highway projects, and the 500 kV power transmission line circuit 3 section from Quang Trach (Quang Binh) to Pho Noi (Hung Yen) must be completed and handed over to investors in the first quarter.
Prime Minister Pham Minh Chinh also reminded each ministry and sector. In particular, the Ministry of Planning and Investment was assigned to monitor and promote the disbursement of public investment capital in 2024, and report to the Prime Minister on extending the time for capital allocation for assigned projects in February.
The Ministry of Finance strictly manages revenue sources and thoroughly saves expenditures, especially regular expenditures and non-urgent expenditures. The Ministry, together with the State Bank and the Ministry of Planning and Investment, will resolve problems to meet the criteria for upgrading the stock market from a frontier market to an emerging market, and report to the Prime Minister before June 30.
The Ministry of Industry and Trade is assigned to monitor the situation of international cargo transportation through the Red Sea, propose solutions to reduce transportation costs, avoid stagnation of export goods and prevent shortages of goods, especially gasoline, causing market instability.
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