Circular No. 32/2011/TT-NHNN: Gold trading ban lifted for some commercial banks
The State Bank of Vietnam on October 6 issued Circular No. 32/2011/TT-NHNN, amending some articles of Circular No. 11/2011/TT-NHNN of April 29, 2011, on termination of mobilization of deposits and provision of loans in gold by credit institutions.
From October 6, a number of qualified commercial banks will be allowed to convert again part of their previously mobilized gold amounts into cash and open overseas gold accounts.
As prescribed by the Circular, these banks may convert a maximum 40% of their untraded gold amounts into cash and open one or two gold accounts overseas and register them with the State Bank of Vietnam. They may use these accounts only after converting an untraded gold amount into a cash amount not exceeding the gold amount converted at home.