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 VIETNAM Gold Trading on Offshore Accounts Can Be Allowed

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1alaskan
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PostSubject: VIETNAM Gold Trading on Offshore Accounts Can Be Allowed   Wed May 16, 2012 4:46 pm

Gold Trading on Offshore Accounts Can Be Allowed

VietFinanceNews.com - Individuals and institutions can re-open their international gold accounts if they receive permission of the Prime Minister and are granted license by the SBV.

The State Bank of Vietnam (SBV) has recently released the draft regulation to amend the ordinance on foreign exchange control, stipulating that individuals and institutions can open their international gold accounts if they receive permission of the Prime Minister and are granted license by the SBV.

Besides, the central bank is allowed to intervene to stabilize the local gold market as prescribed.

At end-Mar/2010, the central bank required credit institutions to close their international gold accounts. However, the domestic market was confronted with a gold shortage which has resulted in a significant gap between domestic and world prices in 2011.

The SBV then permitted the Saigon Jewelry Company Limited (SJC) and 5 selective commercial banks were to sell gold in deposits and re-open their international gold trading accounts as a hedge; a move expected to help meet local gold thirsty and pull down the local gold premium after various attempts failed to tame domestic gold frenzy, including repeatedly extending gold quota.

http://www.vietfinancenews.com/2012/05/gold-trading-on-offshore-accounts-can.html

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