Vietnam’s gold bar supply to increase but no word on more imports

The Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, has said that the central bank will increase the gold bar supply, VN Express is reporting. This is after instructions from the Prime Minister to bring the local price of gold, currently about 15 percent higher than the world gold price, down. It has not been made clear where said gold will come–gold imports are likely to put more pressure on the local currency which the State Bank is keen to avoid. One option might be the bank’s gold reserves estimated at about US$649 million.