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Black foreign currency market hindered by inspections
The black market saw fewer transactions today, the day the State Bank begins inspecting foreign currency exchange agents as per request of the State Bank Governor. Meanwhile, a representative of the State Bank of Vietnam’s Forex Department affirmed that US$ depositors still can draw money in dollars.
The news about the inspection tours by the State Bank of Vietnam appeared in local newspapers on June 6. However, the transactions on the black market were still bustling on June 7 and 8, the two weekend days. The transactions only decreased yesterday, when money traders heard that the police and the market control force would also get involved in the inspection tours.
No activity of selling foreign currencies on the black market was discovered today, the first day of the inspection tours. All gold shops and foreign currency exchange agents today refused to sell dollars to individuals. When clients asked for dollars, the shops and agents all said that they did not know the prices and did not sell dollars.
Some clients tried to seek information about the black market’s dollar prices by using 1080 inquiry services. However, they were only given the information about the dollar prices of June 7 and the prices of June 9 provided by Thi truong newspaper, while 1080 did not provide information about dollar prices applied by gold shops.
In Hanoi, all foreign currency exchange agents are quoting prices which are the same as the ones quoted by commercial banks.
The website run by the State Bank of Vietnam yesterday reported the rumour that commercial banks would not accept US$ deposits from individuals, while depositors could not draw back money in US$, but had to get money in VND.
However, a representative of the Forex Department under the central bank affirmed that under the current laws, individuals have the right to make deposits in foreign currencies and draw back money in those foreign currencies. If they have a demand to covert the foreign currencies into VND, they can sell the money to commercial banks.
Comprehensive measures needed
Experts say that though the inspections can be somewhat effective, the State Bank should not think that the exchange rate policy can be implemented with just administrative orders.
They have warned that though no sale of dollars to individuals has been discovered, this does not mean that the black market does not exist. It is likely that the black market has shifted to operate in an ‘underground’ way, which will be very difficult to control.
People are still whispering in each others’ ears that the VND/US$ exchange rate yesterday on the black market was VND17,300-17,600/US$1.
In addition, operation in the ‘underground’ way of the black market will make it really difficult for businesses which really need to buy dollars on the market, because they cannot buy dollars from banks.
The experts say that together with the inspection tours, the State Bank should take measures to improve foreign currency supply and demand.
VNN
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