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
- Capital influx from Taiwan builds up steam in Vietnam (April 17, 2024 | 19:00)
- Chip industry taking on new players (April 17, 2024 | 16:38)
- Support rises in semiconductor chip development in Vietnam (April 17, 2024 | 16:00)
- Beacon Investment Fund to expand Lotus Group's F&B operations (April 17, 2024 | 11:09)
- Public investment progress requires a stronger thrust (April 17, 2024 | 09:21)
- Disbursement delay deemed unacceptable (April 17, 2024 | 09:13)
- Lack of sand prompts alternatives for traffic projects (April 17, 2024 | 08:00)
- Vietnam asks Apple to make it global production base (April 16, 2024 | 16:11)
- SK E&S and T&T Group research LNG project in Quang Tri (April 16, 2024 | 15:38)
- Experts give insight into Vietnam's retail sector (April 16, 2024 | 09:00)
Mobile Version