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Foreign currency free market opening again, quietly
After many days of halting public transactions, some foreign exchange shops in Hanoi are receiving clients again. However, the market is moving underground, and only loyal clients can make transactions.
Nguyen Thi Ha in My Dinh residential quarter in Hanoi luckily purchased 2000 dollars from a foreign exchange shop on Ha Trung street on April 3. Ha said in the past, she sometimes went to the shops on the street to purchase dollars and she has much experience in the currency trades. However, Ha had to use the power of persuasion to purchase dollars on that day. Previously, Ha always called the shop’s owner to ask about the prices before she came directly to the shop to make transactions. However, no one answered her calls on April 3.
“The foreign exchange shops on the street these days all answer to clients that they do not sell or purchase foreign currencies any more. However, if you are loyal clients, and if you have “letters of introductions” from relatives of the shops’ owners, you will still be able to purchase dollars, as much as you want,” Ha said.
She revealed that she could purchase dollars on April 3 because she knows a person, who is a business trader of the shop’s owner on Ha Trung street. Ha said she had to pay 21,200 dong per dollar on that day.
The shops on Ha Trung street these days still look quiet like other days. However, foreign currency trade still has been carried out inside the shops, very quietly and secretly. Only loyal clients, or those, who have relations with shops’ owners, can make transactions. Meanwhile, all the people, who come to the shops for the first time, have been refused to be served.
One of the clients told Tien Phong that most of shops’ owners here are always on the alert. There are one or two men standing outside every shop and are the first people clients will meet when coming to the shops. The client said he was told by the men that the shops had no more dollars to sell. “I am not sure if you are a real client who really needs to purchase dollars. You are not a familiar face. Therefore, we refuse to serve you,” a man told him.
The client said that since the State Bank of Vietnam has launched a campaign to eliminate the foreign currency black market, foreign exchange shops have to become very cautious when making transactions. Shops’ owners fear that State Bank’s officers or policemen may disguise themselves as dollar buyers to catch foreign exchange shops illegally trading foreign currencies.
At 11 am of April 4, VnExpress’ reporter saw 6-7 people making transactions at one of the big shops on Ha Trung street. Meanwhile, in front of smaller shops, there were only some motorbikes parking outside.
A person came to the big shop asking to purchase dollars, but he was refused. After the person tried to persuade the shop’s owner that he really needed Vietnam dong to build houses and he wanted to sell dollars, the owner of the neighboring shop looked into the client’s face carefully and agreed to purchase the dollars from the client at 21,050 dong per dollar. However, the shop’s owner said she only purchased the sums of money of 500 dollars and higher.
Besides the shops on Ha Trung street, the black market on Hoan Kiem Lake still gathers. Here traders do not seek for potential clients among passerbys, but instead people who really need to make transactions seek out the traders themselves. Clients have to prove that they really need foreign currencies. According to VnExpress, at 11 am of April 4, the dollar was sold at 21,400 dong per dollar.
The dollar price on the black market has decreased considerably by 1000 dong per dollar from that of one month ago. The dollar price once jumped to 22,400 dong per dollar, and the State Bank immediately began taking drastic measures to eliminate the black market.
vietnamnet
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