Gold bar trading in free market to be abolished

The Vietnamese government on February 24 issued a Resolution No 11/NQ-CP including six groups of key solutions to tame inflation, stabilise the macro economy and ensure the social security.

In particular, six groups of solution include: implementation of cautious and strict monetary policy, tightening financial policy, cutting down the public investments, reduction of the state budget overspending, promotion of production and business activities, encouraged export policy, curbing inflation, energy saving, adjustment of electricity price and oil and gas and enhancing the social security.

Notably, the government required the State Bank of Vietnam (SBV) to operate and control the monetary policy to ensure the credit growth at less than 20 percent in 2011, total means of payment at 15-16 percent, reduce the state budget deficit to below 5 percent of GDP and trade gap at no more than 16 percent of the total export turnover.

Especially, under the resolution, the gold market and related business operations will continue to be strictly controlled and in Q2, 2011, the gold bar trading in the free market may be abolished. – Vneconomy

Tags: Gold bar trading

Posted by VBN on Feb 25 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry