Kinh tế

Governor of State Bank answered about SJC gold bar monopoly

At the question-and-answer session at the National Assembly this morning (June 9), questioning the monopoly on gold bar production, National Assembly delegate Nguyen Phuong Thuy (Hanoi delegation) said that the monopoly SJC gold brand is the cause of the high price of gold bars?

“Because it is the same gold bar, the same casting, just not the SJC gold brand, the price is lower than zero. For example, the gold bar of Bao Tin Minh Chau today is priced at 54.5 million/tael. In terms of cost and world price level, is this difference too big?”, asked Ms. Thuy.

SJC gold buy high, sell high

In this regard, the Governor of the State Bank said that SJC has been a favorite brand of the people since before Decree 24 on the management of gold business was issued.

“In the past, the gold market had many shortcomings, limitations, and instability to the macro-economy. Since Decree 24 on gold business management was issued, state management policies have been implemented. effectively, for many years the foreign exchange currency market has been stable, helping Vietnam to be upgraded according to international assessments,” said Ms. Hong.

According to the Governor of the State Bank, in Decree 24, there is a policy of the State Bank to monopolize the production of gold bars. At that time, SJC was the brand that accounted for over 90% of the market, so through analysis and assessment of costs and benefits, the State Bank decided to produce gold bars but hired SJC to process them under the strict management of SJC. State bank. Although SJC has a high price, it is a high buy and sell high. Other brands often buy low, sell low.

The Governor of the State Bank responded to the SJC gold bar monopoly - Photo 1.

Governor of the State Bank Nguyen Thi Hong emphasized that although SJC gold has a high price, it is a high buy and sell high. Other brands often buy low, sell low

Noting the opinions of the delegates, the Governor of the State Bank said that he would carefully review and evaluate this issue in the review and evaluation of the implementation of Decree 24 on the management of gold business.

“The State Bank has the exclusive right to produce gold bars and choose to hire SJC to produce. In the process of summarizing and evaluating Decree 24 in the near future, we will study and listen to the opinions of the delegates. At the same time, it will also consult widely to choose many other brands that produce gold bars or a brand of the State Bank.

At that time, we will evaluate, analyze the impact and seek opinions, and will definitely seek the opinions of the National Assembly deputies,” State Bank Governor Nguyen Thi Hong stated.

Prepare plans to intervene if necessary

According to Ms. Hong, since 2012, implementing Decree 24 on management of gold business and especially from 2014 onwards, the State Bank has not imported gold to produce gold bars. This resulted in a decrease in the domestic gold supply. While a part of gold has been converted to gold jewelry production.

“With such fluctuations in the world’s gold price, many gold bar businesses that list prices are very worried about risks, that’s why they list very high prices,” said the Governor of the State Bank. At the same time affirming, the actual price of gold buying and selling gold of enterprises is often about 1-1.5 million dong/tael difference.

However, with SJC buy high, sell high; Other brands buy low, sell low. The State Bank has also prepared plans to intervene if necessary.

“According to the assessment, in the past time, people have not bought much gold bars. According to the net selling data, when the price of gold is high, people mainly sell it for money,” said Ms. Hong.

* Invite readers to watch programs broadcast by Vietnam Television on TV Online and VTVGo!

You are reading the article Governor of State Bank answered about SJC gold bar monopoly
at Blogtuan.info – Source: vtv.vn – Read the original article here

Back to top button