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Central bank extends gold policy
16/03/2013

The State Bank of Vietnam will also buy and sell non-SJC made gold bars, according to a circular it issued on March 12.

The circular, which took effect on March 13, stipulates that 99.99 percent 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 late March 13, the price of SJC gold bullion was 43.9 million VND per tael or 37.3 grammes, 3.9 million VND higher than the global rate.-vna

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