Central bank bans fees in dollar transactions

Vietnam's Central bank on Wednesday banned all banks from charging fees and commissions in dollar/dong transactions as part of efforts to curb dollar sales outside the trading band.

Banks are allowed to buy and sell the U.S. dollar within a trading band of +/-5 percent around the mid-point rate set each day by the central bank but many have used extra fees to get around the rule, State Bank Governor Nguyen Van Giau said in a directive signed on Wednesday.

vietnews

>   SBV Governor meets with South-African Ambassador (02/07/2009)

>   Gold rises in London as two-day drop, weaker dollar spur demand (02/07/2009)

>   Bond yield rises to 6-month high on inflation concerns (02/07/2009)

>   HSBC opens first provincial branch (02/07/2009)

>   Foreign institutions concerned about draft bank law (02/07/2009)

>   Monetary policy expert discounts talk of dong depreciation (02/07/2009)

>   ‘Risk management comes first’ says banking system supervisor (01/07/2009)

>   SBV redresses foreign exchange trading (01/07/2009)

>   SBV adds up interest rate subsidy program participant (01/07/2009)

>   Banks lend over $19b under subsidy plan (01/07/2009)