Vietnam gives banks more time to close gold accounts

Vietnam has extended the deadline for banks and companies to close their overseas gold trading accounts to June 30 from the end of this month, the government said in a statement.

The central bank had ordered the closure of gold trading floors and offshore accounts by March 30 as part of measures to stabilise the country’s foreign exchange market. [ID:nHAN370930]

More time to close overseas positions would help traders keep in line with world gold prices, the government quoted the State Bank of Vietnam as saying.

Most gold trading floors have closed and banks have liquidated positions with investors, the statement added.

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

Reuters

Tags: vietnam gold, Vietnam gold market