New regulations on buying and selling gold bars

Accordingly, the Circular amends and supplements Article 14 regulating the notification of the results of gold bar purchase and sale transactions. The State Foreign Exchange Reserve Management Department shall notify in writing the Foreign Exchange Management Department, the Finance - Accounting Department, the Exchange and the Issuance and Treasury Department of the results of gold bar purchase and sale transactions with each credit institution and enterprise after signing the transaction confirmation.

The Circular also clearly states the responsibility of the State Foreign Exchange Reserve Management Department as the focal point to coordinate with the Foreign Exchange Management Department to submit to the Governor of the State Bank for consideration and decision to temporarily suspend transactions and cancel gold bar purchase and sale relationships with credit institutions and enterprises according to regulations; notify credit institutions and enterprises of the State Bank's decision to temporarily suspend transactions and cancel gold bar purchase and sale relationships.

At the same time, the focal point coordinates with the Exchange to carry out payment transactions for buying and selling gold bars, and notifies credit institutions and businesses in writing about non-refund of deposits.

The State Foreign Exchange Reserve Management Department is responsible for notifying and updating the Banking Inspection and Supervision Agency and the Foreign Exchange Management Department on the list of credit institutions and enterprises establishing trading relationships for buying and selling gold bars; coordinating with the Foreign Exchange Management Department and the Monetary Policy Department to develop a plan for buying and selling gold bars of the State Bank.

In addition, coordinate with the Foreign Exchange Management Department to determine the buying and selling prices of gold bars (for direct buying and selling and bidding by volume), floor prices and ceiling prices (for bidding by price) according to the approved buying and selling plan.