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SBV considering measure to force exporters to sell dollars
Sources say that the State Bank of Vietnam has consulted with the government on a measure to force export companies which have earnings in dollars to sell all or some of their dollars to commercial banks.
The central bank is seeking measures to ease the dollar supply shortage.
Statistics suggest that the total sum of foreign currencies companies are keeping in their bank accounts is $15-17bil. This means that the national economy does not lack dollars; the problem is that the central bank needs to do something in order to put the sum of money into circulation.
The measure, if approved, is believed will help ease the dollar shortage immediately. If export companies sell dollars to banks, banks will have dollars to sell to import companies and those who really need dollars.
Analysts say that a reasonable percentage of dollars businesses should sell to banks is 80% of the dollars they have.
Export companies which have dollars do not want to sell dollars to banks because they fear the dollar price will increase further.
The foreign currency trading director of a commercial bank said that a business had to pay VND18,300/US$1 to purchase dollars from the bank instead of the quoted price at VND17,784/US$1. Meanwhile, the director of a shipping firm said that he has dollars, but he will not sell dollars at the official quoted prices.
The dollar supply is tense in both the official and black markets. The gap between the official exchange rates announced by commercial banks and the black market has reached VND300-350/US$1, or nearly 2%.
The State Bank of Vietnam many days ago asked credit institutions to report about the foreign currency balance in the accounts of economic institutions. To date, the exact figure has not been revealed. However, a source said that the volume of foreign currencies proves to be profuse, and may reach $15-17bil. Therefore, what needs to be done now is to make supply and demand meet.
In fact, forcing businesses to sell dollars to banks proves to be not a new measure at all; it was used ten years ago.
Previously, the State Bank did not announce the exact time of applying the measure. However, it may set the duration of 3-6 months this time, sources say, which proves to be necessary in order to help business set their business plans.
In 2006, when negotiating for WTO admission, Vietnam committed not to use administrative measures in monetary policies management. Therefore, the application of the measure will have to go a roundabout route.
VietNamNet, TBKTSG
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