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The StateState Bank tightens grip on gold market Bank of Vietnam has closely monitored gold bar transactions, especially those with great value, to better manage the market and watch for money laundering.

SBV required banks and firms to make daily reports on their bullion transactions.

The businesses must submit reports on the purchase and sale of gold to the State Bank’s Foreign Exchange Management Department no later than 2pm of the next working day.

Besides, SBV also asked the businesses to strictly abide by regulations on invoices and records during their gold trading, especially in transactions with great value.

SBV’s Banking Inspection and Supervision Agency is also expected to issue new detailed regulations on guiding gold bullion transactions with a value of more than 300 million VND (13,953 USD) next week. The issuance was to implement a Prime Minister’s decision on the issue that took effect on June 10 this year.

According to the current regulations, SBV is the unique gold bullion supplier to the domestic market. It has so far held 49 gold auctions since March 28, selling more than 1,323 million taels (or nearly 51 tonnes), mainly to banks.

The central bank said it would continue to sell the bullion to the market through auctions while demand remained high. SBV’s bullion was almost sold out at all auctions. Roughly 11 tonnes of gold were sold last month alone.

Source: VNA

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