Vietnam allows more time to close gold accounts

The State Bank of Vietnam said on Wednesday it would give banks and companies one more month to close their overseas gold trading accounts.

The central bank asked banks and companies last year to close gold accounts, originally by March 30, as part of measures to stabilise the country’s foreign exchange market.

In March, it extended the deadline for the closure of gold trading floors and offshore accounts to June 30.

The new deadline for banks and companies will be July 31, the central bank said in a statement. It did not elaborate.

Vietnam is Asia’s second-largest investor in gold after India, with gold consumption surging 49.4 percent in 2008 to 115.8 tonnes.

reuters

Tags: vietnam gold, Vietnam gold market