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Bank warning on foreign exchange
The Governor of the State Bank of Viet Nam (SBV) yesterday sent an official letter to credit institutions with foreign exchange licences to redress their foreign exchange trading in line with existing regulations.
The move came after several credit institutions traded foreign exchange at a figure higher than the ceiling rate set by the State Bank.
In Official Letter No4941/NHNN-QLNH, the Governor asked CEOs at the institutions to strictly comply with regulations on foreign exchange transactions and on the trading of the US dollar and Vietnamese dong.
The Governor said the institutions were not allowed to charge fees via such forms as service contracts, commission payment or fees of cash management for the purpose of making the actual exchange rate higher than the ceiling rate set by the SBV.
The Governor told the CEOs to monitor the implementation of the instructions and be responsible before the law for any violations arising at their banks.
The Governor also asked directors of the Financial Supervision Agency and the SBV branches nationwide directly under the central government to oversee forex trading of the credit institutions, to take proper measures against possible offences and to report the outcomes to the Governor in a timely manner.
The Governor also called upon credit institutions and enterprises to promptly inform the SBV of any violations committed by other commercial banks or enterprises via hotline numbers: 04 38 266 344, 01226376735, 04 22239 521 and 0122 626 8579. ]
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