Ban on gold deposits, gold lending takes effect
Tuoitrenews
Updated : Mon, May 2, 2011,3:59 PM (GMT+0700)
Updated : Mon, May 2, 2011,3:59 PM (GMT+0700)
The ban on gold deposits and gold lending from the central bank - State Bank of Vienam (SBV) - took effect yesterday (May 1).
The ban which also applies to contracts that have not yet been fulfilled, decrees that all financial institutions will be banned from gold deposits, and from providing lending services in gold.
Gold which has already been mobilized cannot be converted into currency, and existing converted capital must be finalized by June 30 this year.
The central bank and its branches nationwide will supervise the enforcement of this prohibition.
The government is now considering authorizing gold casting to SBV. Currently, four or five different firms in Vietnam engage in this activity.
If granted a monopoly on gold casting in Vietnam, SBV may be allowed to set up a wholly-owned subsidiary to take over the task, as well as establish agents nationwide to ensure the gold supply, reported Dan Tri.
The ban which also applies to contracts that have not yet been fulfilled, decrees that all financial institutions will be banned from gold deposits, and from providing lending services in gold.
Gold which has already been mobilized cannot be converted into currency, and existing converted capital must be finalized by June 30 this year.
The central bank and its branches nationwide will supervise the enforcement of this prohibition.
The government is now considering authorizing gold casting to SBV. Currently, four or five different firms in Vietnam engage in this activity.
If granted a monopoly on gold casting in Vietnam, SBV may be allowed to set up a wholly-owned subsidiary to take over the task, as well as establish agents nationwide to ensure the gold supply, reported Dan Tri.
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