State Bank issues new regulations on gold bar management

Decision 02, effective from January 2, 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 State Bank issued new regulations on gold bar management. (Illustration photo).

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 State Bank's Gold Bar Processing Supervision Team from raw gold to the Internal Audit Department.

At the same time, perform tasks according to regulations and 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 to deploy the banking sector's tasks in 2024 on January 3, Deputy Governor of the State Bank of Vietnam Dao Minh Tu affirmed that the price of gold bars will not deviate significantly from the world gold price; will consider amending Decree 24 to control gold prices; the State Bank of Vietnam will re-evaluate the role of SJC in performing its tasks.

Deputy Governor Dao Minh Tu affirmed: The State Bank does not accept the difference between domestic gold price and world gold price of up to 20 million VND/tael as in the past and the difference with other types of gold of more than 10 million VND/tael.

According to Mr. Tu, all the remaining shortcomings will be thoroughly resolved in the process of amending Decree 24 in the coming time.

The Deputy Governor affirmed that the management of the gold bar market is for the benefit of 100 million Vietnamese people, not the benefit of gold trading enterprises. The State does not protect gold and silver trading, especially gold bars, and does not protect gold prices.

Previously, on December 28, 2023, the State Bank of Vietnam issued Official Letter No. 10064 on compliance with the law on anti-money laundering and counter-terrorism financing. The Official Letter requires credit institutions, foreign bank branches, precious metal and gemstone trading organizations including gold trading companies and payment intermediary companies.

PHAM DUY

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