SBV Gold trade activities under scrutiny
Vietnam would check if the SBV had fulfilled its responsibility towards gold trading and gold mobilization and lending.
Vietnam finally announced measures to ensure a free and fair gold market after getting so many complaints about market irregularities.
The measures also include monetizing activities of country's central bank. The Government Inspectorate would check if the SBV had fulfilled its responsibility towards gold trading and gold mobilization and lending.
The period for review is from January 2009 to March 2013, which is subject to extension in case of necessity. The inspection will last 60 days since the date the decision is announced.
Vietnam gold market has witnessed a lot of fluctuations recently. Gold price suddenly went down last week, urging people to buy gold. The gap between the local and global gold prices remains wide, sometimes reaching VND6 million.
However, SBV is inconsistent in the policy for management of the gold market. In November last year, Governor Nguyen Van Binh told the National Assembly that it was not necessary to bridge the local-global gold price gap since it did not greatly affect the macro-economy.
However, the central bank has recently taken several moves to close such a gap, holding consecutive gold auctions to supply nearly ten tons of gold to the market.
Sumber : Google
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