Business

PM orders prompt measures to stabilise domestic gold market

Prime Minister Pham Minh Chinh has signed to issue an official dispatch asking for measures to strengthen the management of the domestic gold market.
PM orders prompt measures to stabilise domestic gold market ảnh 1Customers make transactions at a Bao Tin Minh Chau gold shop. (Photo: VNA)
Hanoi (VNA) – Prime Minister Pham Minh Chinh hassigned to issue an official dispatch asking for measures to strengthen themanagement of the domestic gold market.

The official dispatch, sent to the Governor of theState Bank of Vietnam (SBV), the Ministers of Public Security, Industry andTrade, Finance, Justice, Information and Communications, and the Government InspectorGeneral, highlighted the recent complicated developments of the market withstrong fluctuations, affecting the whole financial and monetary market as wellas social opinion.

In order to develop the gold market in a safe,healthy, effective and sustainable manner, the PM urged the SBV to keep a closeeye on the developments of the world and domestic gold prices, and promptlydeploy solutions to stabilise the gold market.

The bank was asked to prepare scenarios and plansto respond to fluctuations in the global and domestic gold prices, while usingtools in a proper, effective and timely way, contributing to promotingsocio-economic development, ensuring macro-economic stability and avoiding thegoldenisation of the economy.

The Government leader stressed the need to takeeffective measures to manage and regulate the prices of gold bars followingmarket principles, narrowing down the gap in global and domestic gold prices.

PM orders prompt measures to stabilise domestic gold market ảnh 2Gold displayed at a Bao Tin Minh Chau shop. (Photo: VNA)
Meanwhile, it is necessary to increase the closeand comprehensive inspection, examination and supervision of the gold marketand activities of gold businesses and other stakeholders, thus discoveringloopholes and dealing with violations, the PM underlined.

Along with reviewing the domestic market situationand state management of the market, the Government leader also asked for thereview of legal framework regarding the management of the gold market as wellas gold bar and jewelry business activities.

At the same time, it is crucial to provideofficial, open and transparent information about the orientations and policieson the management of the financial, monetary, foreign exchange and goldmarkets, reinforcing people’s confidence in the value of the national currencyand creating social consensus, the PM stressed.

The leader also ordered relevant agencies to workwith the SBV to immediately roll out measures to strictly handle violations,especially smuggling, manipulation and speculation, ensuring a stable,transparent, safe, healthy and effective domestic gold market./.
VNA
#Prime Minister Pham Minh Chinh #State Bank of Vietnam (SBV) #domestic gold market #gold bars #Vietnam #Vietnam news #Vietnam News Agency
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