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Gov’t to inspect banks selling inflated dollars
Inspectors led by Ho Chi Minh City’s branch of the State Bank of Vietnam - central bank - will inspect commercial banks in the city for allegedly demanding ‘fees’ to sell US dollars.
Those caught violating bank rules will be penalized.
Banks are reported to be selling dollars to businesses at a premium on the official rate by adding "consulting" fees. The State Bank of Vietnam last Monday set the reference rate for the greenback at VND20,713 based on which banks sold it at VND20,900.
But businesses told Tuoi Tre that many banks Thursday demanded VND21,500, up VND200 day on day, when he exchanged dong for the greenbacks.
T.L., Director of a HCMC-based printing facility, said he had to spend VND600 million more for every US$1 million imported paper consignment.
The greenback on the free market inched up to VND22,150 a dollar Friday morning after breaking the VND22,000 threshold on Thursday. Price differentiation between the official and free market stretched to VND1,260 a dollar Friday morning.
After implementing the regulation on adjusting the forex rate daily issued by the central bank, the dong/US dollar slipped to the lowest level against the first adjustment of VND20,693 US dollar. The interbank FX rate in the interbank market decreased from VND20,698/US dollar to VND20,683/US dollar, falling by VND15/US dollar.
With the trading band of +/-1 percent, the current FX rate at commercial bank is being quoted at 20,889 dong/US dollar.
Banks also reported that at the current official forex rate, they could not buy the greenback from exporters. As the forex adjustment did not accompany with more dollar pump, exporters try not to sell the greenback with the expectation that its price will rise.
Dollar deposits rose 4.43 percent, while Vietnam dong deposits fell 4.12 percent in January, according to the central bank.
So, the central bank should pump more dollar into the market and publicize information to reorient the market, general director of a commercial joint stock bank told Tuoi Tre.
The central bank last Friday devalued the dong by 8.5 percent, which gave the dollar a 9.3 percent boost against the dong, and narrowed the daily trading band to 1 percent from 3 percent.
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