Do not let the economy "goldenize"

Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 22 dated March 20, 2024 requesting to strengthen measures to manage the gold market.

Accordingly, the world and domestic gold markets are complicated, domestic gold prices fluctuate strongly, affecting the stability and safety of the financial and monetary markets and social psychology.

To strengthen measures to manage and develop a safe, healthy, effective and sustainable gold market, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to urgently, seriously, fully, effectively and promptly implement tasks and solutions to stabilize the gold market.

Continue to closely monitor the developments of world and domestic gold prices to promptly implement solutions according to regulations to stabilize the gold market; comprehensively evaluate and have effective, timely, and regulated solutions according to market principles to immediately handle the high gap between domestic and international gold bar prices in recent times.

Do not let the economy "goldenize", do not let it negatively impact exchange rates, interest rates, the money market, foreign exchange, and national financial and monetary security and safety; report to the Prime Minister on the implementation results in March 2024.

The Prime Minister also directed the State Bank to thoroughly and comprehensively review the legal framework, mechanisms and policies related to gold market management and gold bar and jewelry trading activities...

Immediately summarize the implementation of Decree No. 24 dated April 3, 2012 of the Government on the management of gold trading activities to promptly propose to competent authorities to consider amending and supplementing regulations to enhance the effectiveness of state management tools, and report to the Prime Minister before March 22, 2024.

Finance - Banking - Prime Minister: Do not let the economy become 'golden'

Immediately conduct inspections and examinations of the gold market, activities of gold trading enterprises, stores, agents distributing and trading gold bars and other entities participating in the market;

Timely detect loopholes and shortcomings to proactively, positively and effectively handle them according to authority and report to competent authorities to propose appropriate and regulated handling measures for issues beyond authority;

Strictly handle violations according to legal regulations, especially acts of gold smuggling across the border, profiteering, speculation, manipulation, taking advantage of price-pushing policies by organizations and individuals... causing instability and insecurity in the gold market;

In case of detecting gold trading activities with signs of violating the law, promptly transfer documents and records to competent authorities for strict, public and transparent handling in accordance with the law, and report to the Prime Minister on the implementation results in March 2024.

Be more proactive in information and communication work, promptly provide official, public and transparent information on policies and strategies for managing the financial, monetary, foreign exchange and gold markets, strengthen confidence in the value of the Vietnamese Dong and stabilize people's psychology, creating social consensus.

The Prime Minister also requested the Ministry of Public Security to preside over and coordinate with the State Bank of Vietnam and relevant inspection, examination, law enforcement agencies and competent authorities to promptly implement measures as prescribed to strictly handle violations of the law related to the gold market and gold trading activities, especially acts of smuggling, manipulation, speculation, and price hikes in gold bars .

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