What is the calculation for the large amount of gold in the people?

(Baonghean) -After the order to stop issuing gold mobilization certificates under the direction of the State Bank, according to the reporter's observation, on the morning of November 27, many banks in Vinh city removed the gold mobilization item from the mobilization interest rate table.

Some banks that mobilize gold such as Eximbank, SCB or Agribank Gold Corporation, North Central Gold Branch, have announced to stop mobilizing gold certificates and switch to keeping gold for customers. Eximbank Vinh did not wait for the official date as prescribed, but from 13:00 on November 22, it stopped mobilizing gold. Currently, this bank only mobilizes VND, USD and other foreign currencies. Mr. Bui Xuan Huong - Director of Eximbank Vinh Branch said: "As soon as the State Bank directed, we immediately stopped mobilizing gold and now only keep gold for a fee. We also encourage customers to renew their gold deposit, sell gold back to the bank to switch to depositing VND by buying gold at a higher price than the market price." A female officer in charge of treasury at Eximbank Vinh added: The target customers for gold deposits have their own characteristics, most of them do not care much about interest rates because previously the interest rates were very low. Before this new decision, for some items that have reached maturity, customers are generally reassured and happy to switch to safekeeping services. Stopping gold mobilization, the bank switched to safekeeping with a fee for customers according to the regulations of the treasury service with a fee of 0.01%/year. Calculating, for 10 taels of gold, customers only have to pay the bank a fee of 5,000-6,000 VND/month; the condition is that the SJC gold bars are packaged intact and have a mother-of-pearl shine. As for the safekeeping rental service, the Vinh branch has not yet implemented it.

Transactions at the No. 1 Gold, Silver, and Gemstone Center
(Agribank Gold Company, Nghe An branch).

At the North Central Gold Company Branch, Mr. Nguyen Duy De - Deputy Director of Vinh Branch said: Previously, we mobilized gold normally, but this year, the unit only mobilized a few times (from November 14-25 and before May 25). The time of gold mobilization reached over 60 billion VND, there was no outstanding loan balance in gold. At this time, we stopped mobilizing and also did not keep gold for others.

Thus, on the first day of implementing Circular 12 of the State Bank, most commercial banks stopped mobilizing gold. Some banks started to apply gold custody fees. However, there is currently no unified fee, each bank sets its own fee depending on the customer and the term.

Talking to us about the current management of gold trading activities, the leader of the State Bank of Nghe An branch said: In order to manage the gold market, in addition to submitting to the Provincial People's Committee regulations on coordination with other sectors in management work, the State Bank of Nghe An branch has also issued a document guiding gold trading enterprises in the area according to Decree 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities (Decree 24) and Circular No. 16/2012/TT-NHNN dated May 25, 2012 (Circular 16) of the State Bank of Vietnam. This move is to help organizations and individuals trading gold in the area grasp information about the conversion of business registration procedures and licensing related to gold trading activities.

Up to this point, in the province, the total capital mobilized in gold reached 3,342 billion VND, an increase of 20.7% compared to the beginning of the year; outstanding loans reached 2,600 billion VND. Thus, "the suspension of gold mobilization initially made banks lose their attractiveness, capital mobilization decreased, a resource from gold that banks had used in the past was terminated" as the Director of Eximbank Vinh commented. However, on the other hand, the newly implemented regulations will contribute positively to overcoming the shortcomings of gold circulation in the economy, overcoming liquidity and interest rate risks for credit institutions mobilizing and lending in gold. People have a habit of buying gold for storage, valuation, and payment. Meanwhile, recently, gold prices have fluctuated greatly, speculation has increased; The circulation of gold, mobilization and lending in gold by credit institutions pose many potential risks to the economy and business activities of credit institutions... Therefore, amending the mechanism for mobilizing and lending capital in gold in a narrowing direction is appropriate.

However, public opinion also believes: Currently, the gold resource among the people is very large, will it continue to be mobilized, and if so, who will mobilize it, mobilize it and use it for the benefit of the country and the people, so that this precious metal can be turned into credit capital, available currency for the economy?

Thu Huyen