The State Bank of Vietnam allowed 5 selected banks and the SJC to sell additional 5 tons of gold to the domestic market in an attempt to reduce the local gold premium and stabilize the local market.
The State Bank of Vietnam allowed 5 selected banks (Eximbank, ACB, Techcombank, Dong A Bank and Sacombank) and the Saigon Jewelry Company Limited (SJC) to sell additional 5 tons of gold to the domestic market in an attempt to reduce the local gold premium and stabilize the local market.
The SJC gold price as of Oct 19 was listed at VND43.3 million/tael and VND43.5 million/tael for bid and ask, respectively, down VND400,000 from Oct 18. The local gold premium was thus narrowed to VND650,000/tael, converted at dollar prices in the free market.
More than 10 tons or $600 million worth of gold was sold to the market in the first week of October under the SBV’s approval, of which the SJC sold 60,000 taels or 2 tons of gold, the state-run news website VnExpress (vnexpress.net) said.
The State Bank of Vietnam (SBV) also sold $150 million in the first week of October to stabilize the USD/VND exchange rates, the Thoi Bao Ngan Hang (Banking Times) reported.
Source Sophie/ News Writer/ StoxPlus
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