(Bloomberg) -- The State Bank of Vietnam plans gold bar auctions for the first time in 11 years as early as April 17, An Ninh Thu Do newspaper reported on its website, citing information from the central bank.

The move aims to increase the market supply of the metal and stabilize the local currency, the newspaper said. 

Fifteen organizations, including commercial banks and gold companies, have met central bank requirements to participate in the bidding, according to An Ninh Thu Do.

The central bank is the sole importer of gold bullion and Saigon Jewelry Co. is the only legal producer of gold bars.

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