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Businesses complain that they cannot purchase dollars from banks
Some businesses in HCM City are complaining that they have to register in advance if they want to purchase dollars. Commercial banks have admitted that they are lacking dollars, which seems strange as the dollar supply in previous years was always profuse at the year-end.
While the black market seemed to cool down last week, with prices VND 200/US $1 lower than the beginning of the month and just higher by VND 250/US $1 from the rate quoted by commercial banks, the transactions at banks are seeming to heat up.
Hoang Ich Tuan, Director of an import-export company in the Phu Nhuan district in HCM City, said that he has to purchase dollars from the Gia Dinh branch of Techcombank, under the option contract at VND 17,215-17,217/US$1, and he has to register the purchase three days in advance.
On the morning of December 19, the sale dollar price quoted by Techcombank was VND 17,003/US $1.00. Clients who purchased dollars under the option contract had to pay VND 214-222/US $1.00 in fee. Tuan said that every month, the company needs $100-150,000 for making payments, which means he has to pay an additional cost of nearly VND 30 million for the transaction fee.
However, Techcombank’s General Director, Nguyen Duc Vinh, denied the sale of dollars to clients at the prices higher than the quoted prices. “Techcombank keeps following the current foreign exchange policies and the sale prices never exceed the allowed ceiling level,” VInh said.
However, Vinh admitted the shortage of dollar supply, saying that over the last month, the dollars the bank can purchase from export companies has been decreasing sharply, which makes the bank unable to satisfy the demand.
In fact, the dollar shortage is a common problem that commercial banks are facing. Nguyen Thanh Toai, Deputy General Director of the Asia Commercial Bank, also said that the bank’s dollar supply has been decreasing sharply. In such conditions, the bank has to prioritize selling dollars to loyal clients who keep regular transactions with the bank
The dollar shortage has caused difficulties to people as well. Khanh, who lives on Dao Duy Anh Street in Phu Nhuan district, related that he could not buy dollars from banks for relatives who are going abroad for tourism, though they already have air tickets and visas. Finally, Khanh had to purchase $20,000 on the black market at VND 17,280/US $1.00.
VNE
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