Proposal to Restrict Cash Transactions for Buying and Selling Gold Pieces

In the context of domestic gold prices being “on their own” with the world, many opinions suggest that it is necessary to amend Decree 24/2012/ND-CP on gold market management to be suitable for the current situation after more than a decade of the effective decree.

Accordingly, the State Bank of Ho Chi Minh City proposes to amend Decree 24 in the direction of ensuring that the gold market does not affect the exchange rate, foreign exchange market, and the goal of anti-US dollarization and goldization.

However, gold is a special commodity that directly relates to foreign currencies and the domestic currency, so the State Bank of Ho Chi Minh City proposes to consider appropriate and effective management mechanisms, avoiding creating monopolies and group interests for units trading self-listed gold.

The State Bank of Ho Chi Minh City also proposes to consider and study the construction of policies and regulations restricting cash payments for buying and selling gold. This solution aims to prevent risks and risks arising in the business of selling gold for these units, ensuring compliance with legal regulations and anti-money laundering activities.

This organization also proposes to regulate the responsibilities of units involved in the management of the gold market, including both gold pieces and the production, processing, and manufacture of artistic jewelry. Strengthen inspection and examination of the market, ensure discipline, market control as well as good control of input raw materials and product quality…