Under a document issued early this week, Deputy Prime Minister Le Minh Khai requested SBV Governor Nguyen Thi Hong to coordinate with relevant agencies, to urgently and effectively implement tasks and solutions to manage and stabilize the gold market.
The Deputy PM also assigned the SBV to coordinate closely with relevant agencies to urgently carry out close and comprehensive inspection and supervision of the gold market. The supervision and inspection must be carried out with gold trading enterprises, stores and distribution agents.
The Government’s move is to ensure the stability and safety of the gold market, and contribute to limiting the “goldenisation” of the economy, besides ensuring national financial and monetary security, and developing a safe, healthy, effective and sustainable gold market.
The Prime Minister requires a report on the results of handling these tasks in March 2024.
With huge gaps in domestic and world gold prices, smuggling for profit increases, which makes it difficult to manage the gold market, causes loss to the State budget and poses risks to foreign exchange rates. Speculation and manipulation are also distorting the domestic gold market.
In fact, the Government has repeatedly requested the SBV to take measures to manage the gold market to prevent gold bar prices from being too high compared to the world since the end of last year./.
