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VietNamNews

Central bank extends gold policy

Update: March, 14/2013 - 08:40
An employee of Saigon Jewelry Company stamps gold bullion. — VNA/VNS Photo Hoang Hai

HCM CITY (VNS)— The State Bank of Viet Nam will also buy and sell non-SJC-made gold bars, according to a circular it issued on Tuesday.

The circular, which took effect yesterday and provides guidelines for the trading of gold bullion, stipulates that 99.99 per cent pure SJC gold will retain pride of place, but the bank will trade other bullion licensed to be produced.

The central bank directly trades gold bars with banks and enterprises and through auctions.

All transactions with the businesses are done on spot delivery basis with payment and delivery made not later than the next day.

Also on March 12 the central bank decided to set up a team to monitor the process of casting ingots from its gold reserves.

This week SJC (the Saigon Jewellery Company) will start making bullion according to the bank's specifications to prepare for an upcoming auction.

By the close yesterday the price of SJC gold bullion was VND43.9 million per tael of 37.5 grammes, VND3.9 million higher than the global rate. — VNS


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