National Money Printing House to produce gold bars

January 08, 2015 | 09:06

(0) user say

The State Bank of Vietnam (SBV) has permitted the National Money Printing House (NMPH) to produce gold bars and gold souvenirs, according to the instructions of the bank's governor.

The National Money Printing House is the second institution which is legalised to produce gold bars for SBV.

This is in addition to its traditional task of printing paper currency, minting coins and producing other currency papers.

The new function is regulated in the SBV's decision No 2809/QD-NHNN, issued on December 12, 2014, which amended and supplemented some articles on the organisation and operation of NMPH.

Prior to the regulation, the Saigon Jewellery Company (SJC) was the sole company that was allowed to produce gold bars for the SBV.

The new order is expected to end the monopoly of SJC, according to the business news website gafin.net.

In addition, NMPH will be allowed to create moulds for minting coins and designing paper currency, as per the governor's instruction.

It can also import or authorise the import of materials and equipments for printing and minting notes, coins and valuable papers.

VNS

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional