Wednesday , May 29 2024

Prime Minister urges State Bank to stabilise gold market amid fluctuations

Rapid and significant fluctuations in domestic gold prices have had adverse effects on the financial and monetary markets, as well as on public sentiment. — VNA/VNS Photo

HÀ NỘI — In an effort to stabilise the gold market, Prime Minister Phạm Minh Chính has issued Official Telegram 1426/CĐ-TTg on December 27.

The telegram, addressed to the Governor of the State Bank of Việt Nam and relevant ministries, highlights the need for close monitoring of global and domestic gold price developments and the implementation of necessary measures to ensure market stability.

The Prime Minister expressed concern over the recent volatility observed in both the world and domestic gold markets. Rapid and significant fluctuations in domestic gold prices have had adverse effects on the financial and monetary markets, as well as on public sentiment.

To establish a safe, healthy, efficient and sustainable gold market, the State Bank of Việt Nam has been tasked with proactively devising scenarios and plans to effectively respond to fluctuations in global and domestic gold prices. This proactive approach is aimed at mitigating any negative impacts on exchange rates, interest rates, money markets, foreign exchange and overall financial security.

Immediate and effective solutions are expected to be implemented to manage and regulate domestic gold bar prices based on market principles.

The Prime Minister stressed the importance of minimising discrepancies between domestic and international gold bar prices, which have previously led to excessive speculation and adversely affected macroeconomic management.

Furthermore, the Prime Minister emphasised the necessity of strengthening inspection, control and supervision measures in relation to the gold market. This includes close monitoring of gold trading enterprises, gold shops, bullion traders, distribution and trading agents, and other market participants. Strict enforcement of the law is crucial, with a particular focus on combating smuggling, profiteering, speculation, manipulation, and other practices that disrupt market stability.

The State Bank of Việt Nam, in collaboration with relevant authorities and law enforcement agencies, is urged to promptly implement measures to address violations of laws regulating the gold market and gold business activities. This includes combating acts of smuggling, manipulation and speculative profiteering.

The Ministries of Public Security, Industry and Trade, Finance, Justice, Information and Communications, as well as other relevant agencies and local authorities, are instructed to actively coordinate with the State Bank of Việt Nam in managing the gold market. They are also responsible for promptly sharing information, undertaking assigned tasks, and reporting any issues beyond their authority to the competent authorities. — VNS

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