The State Bank has just issued new regulations related to the gold bar processing supervision team; Responsibility in organization and management of gold production.
The State Bank (SBV) has just issued Decision 02 amending and supplementing Decision 1623/QD-NHNN dated August 23, 2012 on the organization and management of gold bar production of the SBV. This decision takes effect from January 2, 2024.
Decision 02 amends and supplements a number of regulations related to participants in the Gold Bar Processing Supervision Team, and adds responsibilities of a number of units under the State Bank of Vietnam in the organization and management of gold production. pieces of the State Bank.
The State Bank has just issued new regulations related to the gold bar processing supervision team; Responsibility in organization and management of gold production.
The Governor of the State Bank authorized the Director of the Internal Audit Department to sign the Decision to establish the State Bank’s Supervision Team to supervise the processing of gold bars from raw gold.
Responsibilities of the Administration Branch in Ho Chi Minh City and the Treasury Issuance Branch are to send a list of officials participating in the Supervision Team for processing gold bars from raw gold of the State Bank to the Internal Audit Department. At the same time, perform tasks according to the regulations and regulations on supervision of SJC gold bar processing activities from raw gold of the State Bank and Regulations on management of gold bar production molds, gold bar stamping machines and supervision of processing activities. SJC gold bars are made from raw gold not from the State Bank of Vietnam.
The Internal Audit Department is responsible for being the focal point in developing and submitting to the Governor for approval the Regulations on supervision of SJC gold bar processing activities from raw gold of the State Bank. Issued the Decision to establish a Supervision Team for processing gold bars from raw gold of the State Bank of Vietnam.
It is unacceptable that the SJC gold price is up to 20 million VND/tael higher than the world gold price. Besides, the State Bank of Vietnam considers whether the SJC gold bar monopoly is still necessary or not.
Deputy Governor of the State Bank, Dao Minh Tu
At the same time, build a mechanism to supervise and inspect the supervision of SJC gold bar processing activities of the SBV’s Supervision Team of gold bar processing activities from raw gold.
Previously, at the press conference to deploy the banking sector’s tasks in 2024 on January 3, Deputy Governor Dao Minh Tu affirmed that the State Bank does not accept the difference in domestic gold prices with world gold prices of up to 20% million VND/tael as in recent times.
“The State always respects the people’s right to preserve and store gold and the State Bank affirms that it does not protect the price of SJC gold bars, nor does it accept the difference between SJC gold and the world’s gold of more than 20 million VND,” Mr. Tu said.
The Foreign Exchange Management Department of the State Bank – the agency assigned to represent the State exclusively in gold bar trading – said it is time to amend Decree 24 on managing gold business activities. This means that the direction of adjustment will be for businesses and the market to self-regulate normal types of gold (God of Wealth gold, jewelry…)
In December 2023, SJC gold bar price increased by 8-9%. On December 26, 2023, SJC gold bars skyrocketed, reaching a peak of 80.3 million VND/tael on the selling side. However, this record did not last long. The price of gold bars then plummeted, especially after the Prime Minister’s telegram requesting to regulate domestic gold prices close to the world’s.