Chart usGOLD   Chart usSILVER  
 
Food for thought
Corruptissima republica, plurimae leges (The more corrupt the state, the more laws)
Tacitus  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1245.117.01
Silver 17.420.17
Platinum 1270.8016.60
Palladium 756.605.70
WORLD MARKETS
DOWJONES 16379261
NASDAQ 425841
NIKKEI 15111579
ASX 530747
CAC 40 3980-54
DAX 8713-137
HUI 187-7
XAU 77-2
CURRENCIES (€)
AUS $ 1.4586
CAN $ 1.4388
US $ 1.2779
GBP (£) 0.7924
Sw Fr 1.2063
YEN 136.5710
CURRENCIES ($)
AUS $ 1.1416
CAN $ 1.1258
Euro 0.7825
GBP (£) 0.6202
Sw Fr 0.9440
YEN 106.8720
RATIOS & INDEXES
Gold / Silver71.48
Gold / Oil15.26
Dowjones / Gold13.15
COMMODITIES
Copper 3.04-0.02
WTI Oil 81.59-0.03
Nat. Gas 3.72-0.05
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Vietnam’s central bank plans new gold regulations
Published : February 27th, 2012
399 words - Reading time : 0 - 1 minutes
 
    Comments    
Tweet

 

 

 

 

Vietnam's economy is facing hard times and the communist government is desperately seeking ways to solve the crisis affecting the country. In the past two years the Vietnamese central bank has taken a series of measures aimed at avoiding further capital flight from the country. Measures taken by the government thus far include greater controls on the gold market. According to estimates there are 300 to 500 tonnes of privately held gold in Vietnam. Nguyen van Binh, governor of the Vietnamese central bank, stated in an interview that he wants “to mobilise gold from the public in service of the socio-economic development.”

The State Bank of Vietnam is keeping a close eye on developments at the national gold market. In order to control the flight from the dong and the outflow of capital from the country, last year the central bank set limits on gold trading and significantly reduced the number of licensed refiners officially allowed to produce gold bars. From November 2011 onwards all companies wishing to continue their operations had to hold a minimum of 500 billion dong in funds and a market share of 25%. These requirements have forced many smaller producers out of business.

In an interview published at the end of January on the State Bank of Vietnam's website, governor Nguyen Van Binh states that the right to private ownership of gold will be upheld, but that the Bank is looking at ways of "mobilising" privately held gold. An increasing number of market observers have been long worrying that Vietnam might be heading towards total prohibition of private gold ownership. Price rises are causing more and more Vietnamese to buy gold as a hedge against inflation. Data published this morning by the General Statistics Office of Vietnam show that in February the Vietnamese Consumer Price Index increased another 1.37% in comparison with the previous month. In comparison with December 2011 this amounts to a 2.37% increase. Almost all sub-sectors registered price increases.

So far, as a direct result of the government's attempts at limiting the national gold trade, gold prices at the black market have continued to increase in relation to the official price fix and the external value of the dong. Recently the country's banks raised the interest on gold deposits. Analysts take this as an evidence that the central bank is trying to control the gold circulating in Vietnam through commercial banks.

 

 

Thanks to Goldmoney from www.goldmoney.com
Data and Statistics for these countries : Vietnam | All
Gold and Silver Prices for these countries : Vietnam | All
Tweet
Rate :Average note :5 (1 vote)View Top rated
Previous article by
Goldmoney
All articles by
Goldmoney
Next article by
Goldmoney
Receive by mail the latest articles by this author  
Latest comment posted for this article
It should not be. What you have to remember is that since money is part of all transactions, half of the world's business involves money. When the money is corrupted, so goes society. Gold is not some kind of savior, and is just good for one thing. It  Read more
FUBAR - 2/28/2012 at 8:53 AM GMT
Rating :  1  0
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis
Most recent articles by Goldmoney
9/18/2014
12/12/2013
12/6/2013
11/15/2013
10/1/2013
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
 
       
It is gold, gold and gold all over. Gold has become the malady and the antidote to all evils that confront the universe. Firstly, kept under a tight leash, later released and now donning the mentle of much sought after anti inflationary hedge with value that doubles as currency. The writing is on the wall. Time and stocks are limited. Go for your gold and hide it for the next big news will be gold robberies.
Rate :   1  2Rating :   -1
EmailPermalink
It should not be. What you have to remember is that since money is part of all transactions, half of the world's business involves money.

When the money is corrupted, so goes society. Gold is not some kind of savior, and is just good for one thing. It is money.
Rate :   1  0Rating :   1
EmailPermalink
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer