Vietnam Bans U.S. Dollar Trading Via Third Foreign Currency
The State Bank of Vietnam, the country’s central bank, has said on its Website that it is drafting a circular to ban forex transactions of dollar via third foreign currencies.
It is aimed to stabilize the foreign currency market and prevent banks to dodge laws to push up the USD/VND exchange rate.
The draft has some changes from the previously issued Decision No 1452/2004/QD-NHNN, and aims to limit the speculation of pushing up the forex rate over the ceiling level like the mid-2008.
The draft adds the direct transaction method and requires records of foreign currency transactions via telephones (Section 8a). (VnExpress)
Vietnamese
