Vietnam central bank to allow more gold imports 

Last updated: 11/12/2010 20:00 

The Vietnamese central bank said it will allow additional gold imports to “continue stabilizing” the domestic market.

The bank’s decision on Nov. 9 to allow gold imports “has eased sentiment, and helped stabilize the market and gradually bring domestic prices closer to world prices,” the State Bank of Vietnam said on its website Friday.

The central bank said Nov. 9 it would allow domestic businesses to import the precious metal in “appropriate amounts.” Four out of the eight companies have imported about a third of the quotas, the central bank said in today’s statement.

The amount of imported gold is “not much,” the central bank said. The State Bank of Vietnam will issue more import licenses to “add supply to the market.”

The central bank is also continuing to “intervene” in the market by selling dollars to meet demand for imports of essential goods. The foreign-currency market has “moved toward a positive direction” in the past few days, according to the central bank.

Allowing gold imports for two weeks doesn’t add pressure on the foreign currency market, the bank said.

In the last months of 2010 and during the Tet Lunar New Year holiday in February, the central bank will ensure that monetary policy is “flexible and cautious,” keep money markets stable and support banks’ liquidity.

Source: Bloomberg

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