Governor of the State Bank of Vietnam Nguyen Van Binh signed Decision 1623/QD-NHNN on the organisation and management of gold bar production on Aug. 23.
Following the new decision, Sai Gon Jewelry Joint Stock Company (SJC), with over 90 percent of the gold bullion market share and a credible reputation for quality, was appointed to process gold bars for the State Bank of Vietnam (SBV).
The SBV will use SJC’s production line and gold brand, instead of importing a new production line, under its direct supervision on the quota, time and raw materials for production.
Also on the same day, the SBV issued Circular 24/2012/TT-NHNN which modified Article 1 of Circular 11/2011/TT-NHNN issued in April, 2011.
Accordingly, the Governor of the State Bank will consider the borrowing and lending of gold between credit institutions in special cases to ensure the safety of banks.
The two new regulations took effect from Aug. 23.-VNA
Following the new decision, Sai Gon Jewelry Joint Stock Company (SJC), with over 90 percent of the gold bullion market share and a credible reputation for quality, was appointed to process gold bars for the State Bank of Vietnam (SBV).
The SBV will use SJC’s production line and gold brand, instead of importing a new production line, under its direct supervision on the quota, time and raw materials for production.
Also on the same day, the SBV issued Circular 24/2012/TT-NHNN which modified Article 1 of Circular 11/2011/TT-NHNN issued in April, 2011.
Accordingly, the Governor of the State Bank will consider the borrowing and lending of gold between credit institutions in special cases to ensure the safety of banks.
The two new regulations took effect from Aug. 23.-VNA
