Vietnam Central Bank to Tighten Forex Trading Activities
The Governor of the State Bank of Vietnam (SBV) on March 18 issued a document to tighten control over foreign exchange trading activities of domestic credit institutions, the SBV.
Under the Document No.1819/NHNN-QLNH, Governor of the SBV Nguyen Van Giau asked them not to use derivative tools to make spot U.S. dollar trading transaction at higher prices than the SBV-fixed ceiling level.
Giau also requested SBV supervisors inspect the implementation of foreign currency trading regulations at all foreign exchange desks nationwide.
Any violations must be strictly fined, the Governor said in the document.
On March 18, SBV or the country’s central bank set the VND/USD exchange rate lower at VND16,976. The state-owned Vietcombank sold dollars at VND17,485, compared with VND17,486 yesterday. (SBV)
Vietnamese
