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State Bank ensures sufficient supplies of foreign currency for imports
The State Bank of Vietnam pledges to ensure sufficient supplies of foreign currency for imports of necessities, the bank announced on its website today.
The bank is currently managing the exchange rates in a flexible manner depending on market supplies and demands within the margin of + 2% instructed by the Prime Minister.
The fluctuations of the exchange rate on the black market over the recent days were mostly due to psychological and speculative elements, the bank stressed.
Some foreign currency exchange agents of credit organisations have purposely marked up the prices of the US dollar for profiteering, causing losses to the people, especially in the Hanoi and Ho Chi Minh City.
This is an illegal act. The State Bank of Vietnam will co-ordinate with relevant agencies to inspect and seriously treat those violations in order to regulate foreign exchange activities in conformity with the legal regulations.
According to Vietnam's current regulations, foreign currency exchange agents of credit organisations are only allowed to buy foreign currency cash from individuals and not allowed to sell foreign currency cash to individuals. All the foreign cash they bought from individuals must be sold to credit organisations that authorise them to be their foreign exchange agents.
ND
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