The State Bank of Vietnam (SBV) has just issued Decision 02 amending and supplementing Decision 1623/QD-NHNN dated August 23, 2012 on the organization and management of gold bar production by the SBV.
Accordingly, this decision takes effect from January 2, 2024.
Decision 02 amends and supplements a number of regulations related to the composition of the Gold Bar Processing Supervision Team, and adds the responsibilities of a number of units under the State Bank in the organization and management of gold bar production by the State Bank.
The Governor of the State Bank authorized the Director of the Internal Audit Department to sign the Decision to establish the State Bank's Supervisory Team to supervise the processing of gold bars from raw gold.
The responsibility of the Administration Department in Ho Chi Minh City and the Treasury Issuance Department is to send the list of officers participating in the Gold Bar Processing Supervision Team from raw gold of the State Bank to the Internal Audit Department. At the same time, perform the tasks according to the regulations, the regulations on supervising the processing of SJC gold bars from raw gold of the State Bank and the regulations on managing gold bar production molds, gold bar stamping machines and supervising the processing of SJC gold bars from raw gold not of the State Bank.
The Internal Audit Department is responsible for taking the lead in developing and submitting to the Governor for approval the Regulations on supervising the processing of SJC gold bars from raw gold of the State Bank. Issue a Decision to establish a Supervisory Team for the processing of gold bars from raw gold of the State Bank.
At the same time, build a mechanism to monitor and inspect the supervision of SJC gold bar processing activities by the SBV's Gold Bar Processing Supervision Team from raw gold.
At the press conference on January 3, Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that Decree 24/2012/ND-CP has completed its mission, which is to control the gold market and stabilize exchange rates and interest rates, avoiding "goldenization" of the economy.
In the context of many fluctuations in the gold market, especially when the price of SJC gold sometimes differs from the world gold price by up to 20 million VND/tael, even different from other types of gold in the country. According to the leader of the State Bank, it is necessary to amend to be more suitable with the current gold market developments and should have been amended earlier.
Responding to the press, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (SBV), said that through monitoring the actual market and consulting with the Association, in January 2024, the SBV will have a specific report on the results of implementing Decree 24 and controlling the gold market in the past time.
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