Governor "additional explanations" for the gold market

 On 12/6, State Bank Governor Nguyen Van Binh has written to answer questions of participants Le Nhu Tien-related operating issues.

Directions evaluation report on economic government - the Socialist Congress at the 5th session of the banking sector: the interest rate is high, credit growth remains low, business to difficult access to capital, manage the gold market is inadequate, not gold mobilize resources for economic development, domestic prices are higher than the world price of gold ... representatives questioned the Governor Progress about "personal responsibility before the shortcomings and inadequacies on".

The message Mr. Nguyen Van Binh stressed in a written reply in the near future, based on macroeconomic developments, the State Bank will continue operating interest rates to support businesses reduce costs loans and create favorable conditions to access bank loans.

Regarding the management of the gold market, alongside the Government's report on the content has been sent to all the delegates, Mr. Binh "please explain further" a number of issues.

According to the Governor, in recent years, the State Bank calculated by considering the specific capabilities of this gold deposit held by residents, after the termination of the credit institutions to mobilize gold.

However, the calculations show that the Bank of the State can mobilize gold from the population has some disadvantages: spend large cost, if gold is going to mobilize foreign investment in the present, the State Bank is expected to suffer losses due to the conversion charge international gold standard and low profitability. In addition, subject to liquidity risk as the gold credit institutions to draw people to the gold.

"By studying the international experience, there is no central banks mobilize gold that stands out from the people in the current period due to gold price risk and liquidity problems," the Governor replied delegates .

Still according to the head of the banking sector with the termination of gold mobilization of credit institutions, the most effective way to convert gold resources in the people to serve the economic development of the country State Bank is buying up gold reserves state.

And to accomplish this goal required a number of conditions such as: maintain, reinforce the value of Vietnam, complete cessation of gold mobilization and application of economic measures to encourage People sell gold.


Do not answer questions posted above directly at the session of the National Assembly, but the Governor of the State Bank has also received a number of written questions.

One delegate suggested the governor explained more specifically confirmed "before all the domestic gold price difference and the world belongs to the speculators and gold trading, this belongs to the state budget for for country and the people. "

The delegates also want to know the last state budget revenue amount is how much? And, given the revenues of the state budget?

Related to malfunction due to system troubles automated teller machine ATM of the bank caused, other deputies, a proposed bank governor said state what solution to this problem? Development orientation system of non-cash payment today like? Can never use the card to pay instead of cash from the ATM today?

With operating rates, delegates said that the operating mechanism with ceiling deposit rate of 7.5% / year and apply only 10% / year for 5 priority areas, other sectors are still lending at a high level will be difficult to pull the interest rates to meet the capital requirements to remove difficulties for enterprises.

The participants this question: why the mechanism of the interest rate cap for loans that do not apply pressure ceiling deposit interest rate ceiling? The solution to the low interest rates dragged down the economy to recover stimulate production through development? Solutions to help businesses access to loans in the collateral conditions of business are tough?

In hearings yesterday afternoon and this morning (13/6) with the Minister of Agriculture and Rural Development Cao Duc Phat, Governor Nguyen Van Binh always available in every bench. This morning, he was invited to explain some problems of capital for agriculture and rural development.