State Bank to take measures to stabilize domestic gold price

The State Bank of Vietnam said Wednesday it would immediately set up strong measures to stabilize the domestic gold price, in wake of the sudden rush to buy gold.

According to the State Bank, the world gold price in recent days has been fluctuating more than normal. This combined with the Vietnamese habit of purchasing gold to hoard as savings, has prompted speculation in the domestic gold trade.

The Central Bank also intends to act against gold speculators and smugglers and subsequently ease pressure in the foreign exchange market and indiscriminate exchange rate.

The bank and all commercial banks will continue to sell limited amounts of foreign currency to meet basic demands and will work to stabilize the exchange rate from now until the end of the year with fluctuation rate not exceeding one percent.

Binh Minh – Hai Mien

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