SBV gets tough on gold bar rules
The circular stated that the SBV will stop gold bar trading in six months with credit facilities that can not ensure the quality of their gold or violate regulations. SBV will also temporarily stop its trading with facilities that are under special scrutiny.
The SBV will also cancel all trading with credit facilities that have been fined for administrative offences in currency and bank activities, been forced to finish trading or had their business licenses revoked. Those facilities will not be able to conduct trading for at least a year.
The circular also said only SJC 99.99pct gold bars will be used for trading and the parties will use spot transaction as the main trading method.
However, the SBV will need to test the gold bars before deciding to buy. If the gold bars have lower quality, the SBV will send notification and related documents to the facilities demanding the return of excess money within the next day.
What the stars mean:
★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional
Tag:
Related Contents
Latest News
More News
- Trump may mean challenges for Vietnam but FDI remains strong (November 26, 2024 | 08:30)
- HCM City set to welcome fresh wave of US investment (November 26, 2024 | 08:00)
- Dynamic M&A landscape felt in food and beverages (November 25, 2024 | 16:21)
- River lights up Danang growth goals (November 25, 2024 | 10:00)
- Concerted efforts improve Ca Mau’s development status (November 25, 2024 | 09:14)
- Citi: Vietnam and India may benefit most from supply chain shifts (November 22, 2024 | 15:54)
- Foreign investors flocking to southern region (November 21, 2024 | 17:33)
- Ninh Thuan charms industrial development investors (November 21, 2024 | 12:21)
- M&A prospects bright in many sectors (November 21, 2024 | 11:54)
- M&As working in tandem with health development (November 21, 2024 | 11:29)
Mobile Version