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NEW UPDATES Asean Affairs   19 December 2013  

Central bank will continue gold auctions

The State Bank of Vietnam intends to keep up gold auctions to correct imbalances in supply and demand in the domestic market, according to the Head of the Foreign Exchange Department, Nguyen Quang Huy.

From March 28 to December 6 this year, SBV held 73 auctions in which it offered up 1.88 million taels (approx. 2.5m ounces). The auctions managed to inject 1.77 million taels into local credit institutions in a bid to combat speculative activity in the market, minimise gold imports and increase foreign reserves.

Gold auctioning is among a range of policy levers put into action more than a year ago to moderate the gold market. Huy said the policy has significantly improved the imbalance of supply and demand, stablised foreign exchange rates and secured the legal rights of gold holders.

Vietnamese citizens have a long tradition of privately storing gold reserves due to deep-seated problems causing high inflation and depreciations in the dong.

In a bid to wean people off gold holdings and to shore up the dwindling dong, the State Bank of Viet Nam shut down gold services in which banks paid interest rates for gold deposits.

Gold holders now have to pay for their storage at banks, with the policy designed to encourage people to covert bullion gold into dong.

Under Government Decree No 24/2012/ND-CP dated April, 2012 on gold-related activities, the State Bank of Viet Nam is responsible for purchasing and selling gold in the domestic market. Gold imported and exported by the central bank are exempt from taxes.

Global price movements

Following the rise of world gold prices, domestic gold prices yesterday were up around 0.16 per cent per tael against Monday. One tael is equivalent to 1.2 ounces.

Buying and selling prices of SJC gold bars listed by DOJI at 5pm yesterday were VND35.44/VND35.49 million per tael ($1,675/1,678), up around VND100,000 ($4.7) from VND35.35/VND35.43 million ($1,671/1,675) on Monday.

World gold increased yesterday, supported by a short-covering rally. Spot gold had risen 0.7 per cent to $1,245.90 an ounce.

According to Reuters, gold has lost over a quarter of its value this year as fears that the Fed will scale back its $85 billion monthly bond purchases brought a 12-year bull market to an end.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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