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Thursday, 04 November 2010 09:42
According to newly-issued official document No. 22/2010/TT-NHNN by the State Bank of Vietnam (SBV), credit institutions with foreign exchange business licenses are permitted to mobilise gold and lend only standard gold bars from gold trading enterprises licensed by the SBV.
Photo: VNN
The document also stipulates that credit institutions are only allowed to mobilise gold through issuing valuable papers, and provide gold for processing and the jewelry trade, not for manufacturing and trading gold bars.
When mobilising and lending gold, credit institutions are required to comply with SBV regulations on issuing valuable papers in the domestic market, customer loans from credit institutions and other applicable laws.
To minimise risks, credit institutions are not permitted to convert gold-mobilised funds into VND and other forms of money.
The document allows credit institutions to set their gold deposit and lending rates based on customer credit ratings and the supply and demand of capital in the market.
Credit institutions are also required to publicise their gold deposit and lending rates.
Source: Nhan Dan
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