SBV rejects rumor about shortage of gold for sales

This morning, the State Bank of Vietnam (SBV) rejected the rumor that it is short of gold for sales.

SBV rejects rumor about shortage of gold for sales

Following the false rumor about the shortage of gold for sale, the state bank confirmed that it had enough gold. At many stores to sell gold from the state bank, people were hired to queue up to buy gold for those who wanted to collect bars of gold and then later sell to other buyers to enjoy the price difference, causing market instability and damage to the economy.

According to the State Bank, it is implementing the policy of narrowing the gap between domestic and international gold prices by synchronously deploying solutions for market stabilization; it has initially achieved good outcomes. The SBV also affirmed that it has sufficient gold showing its determination to stabilize the market and control the gap between domestic and world gold prices at an appropriate level.

The SBV also said that it is coordinating with the police to investigate speculation and market manipulation. In addition to maintaining the supply of SJC gold bars to meet the legitimate and legal needs of people, the SBV will also proactively implement solutions to strongly combat speculation and hoarding.

In addition, it will increase inspections to clarify any violations committed by credit institutions and businesses with gold trading activities, especially in Hanoi and Ho Chi Minh City.

Bank leaders advised people to be vigilant about malicious rumors spread by those with bad intentions.

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