In the medium and long term, gold will narrow

- "In the medium and long term, in terms of the new legal framework and with the intervention of the central bank, the domestic gold price difference and the world is shrinking," Deputy Prime Minister Nguyen Thien Nhan said.

Report of the Deputy Prime Minister Nguyen Thien Nhan on gold market management, said the central bank has directed the government implemented drastic measures to reorganize the market, improve institutional and operational mechanisms intervene stabilize the gold market.


Accordingly, since the date of 25.11.2012, the banks are not mobilize capital in gold in any form. To date, the balance of mobilization and lending in gold by credit institutions decreased significantly compared to 2012. At the end of 5/2013, the balance of the gold deposit has declined 75% CI, gold loan balance has decreased by 40% compared to the end of 2012.

 

Also according to the government, after nearly one year of implementation, the new legal framework on the management of the gold market in general and in particular Decree 24 has worked remarkably effective, achieving basic objectives out.


The measures that the government and the central bank has applied to prevent and reverse the "yellowing" of the economy overcome speculation, gold smuggling, proceed to step mobilize local resources in gold for economic development - social.


The report of the Deputy Prime Minister to the National Assembly, although the difference in the gold country and the world are high, but the gold market has been more stable. In the medium and long term, in terms of the new legal framework and with the intervention of the central bank, the domestic gold price difference and the world will be narrowed.