Vietnam central bank wants to outlaw gold trading Submitted by cpowell on Mon, 2011-02-28 13:32. Section: Daily Dispatches By Nguyen Pham Muoi Dow Jones Newswires via The Wall Street Journal Monday, February 28, 2011
HANOI -- Vietnam's central bank is proposing that the government issue regulations to ban the trade of gold bullion from the second quarter of this year, state media reported Monday, citing the State Bank of Vietnam.
"The State Bank of Vietnam in the second quarter will request that the government issue a decree on management of gold trading, aiming to control imports and exports of gold and to ban the trading of gold bullion in the free market," the state-run Vietnam News Agency said.
"Trading of gold bullion is seen only in Vietnam but not in other countries," it said. "It is bad for the economy because (the country) has to import gold, which causes trade deficits."
The elimination of gold bullion trading is "necessary and timely," as the government is rolling out measures to tame inflation and stabilize macroeconomic conditions, it said.