Management, revenues and expenditures from gold auctions were preciselyhandled pursuant to laws, announced the State Bank of Vietnam in anattempt to counter the public's doubts about the transparency of theactivities.
From March 28 to the end of last week,the central bank already sold 1.611 million taels of gold (59,87 tonnes)to the market through 61 auctions, generating 6.834 trillion VND(323.28 million USD).
Without releasing thepercentage of total revenue going to the State's budget, the centralbank affirmed that they fully complied with their legal obligations andresponsibilities.
"The State Bank doesn't subsidiseor compensate for the losses of attendees. The auctions are bound to thelaw so as to secure the State's interest in this measure," Nguyen QuangHuy, head of the foreign exchange management said.
The central bank has established a team to carry out gold auctions withmembers from various departments and offices under the agency to ensureproper implementation and objectiveness.
In order toprevent speculation and price manipulation, the SBV reviews the dailyreports from credit institutions and enterprises on their activitiesrelated to gold auctions.
The latest updatedreports showed that 18 credit institutions were able to settle golddeposits with the first 30 tonnes (equivalent to 50.1 percent of totalauctioned gold bars).
The remaining supply of gold,around 29 tonnes, far below the range of 50-100 tonnes imported eachyear, was sold on the market by the winning bidders.
The department has conducted regular inspections of the 2,500 licensedretail points in the country to ensure prices are transparent and incompliance with regulations.
The SBV also said banksmust keep a record of ID for clients who carry out gold transactionsworth more than 300 million VND (14,285 USD) under Government Decision20/2013/QD-TTg, to prevent money laundering.
Responding to concerns that the pressure of gold auctions might add toexchange rates and inflation, Huy said that the central bank's marketmanagement prevented such impacts and helped stabilise the macroeconomy.-VNA