Vietnam Central Bank: To Adopt Measures to Stabilize Forex Market
Governor Nguyen Van Giau of the State Bank of Vietnam, the country's central bank, told mass media Wednesday that the SBV will take measures to stabilize the domestic forex market after the U.S. dollar jumped above VND18,00 at the black market.
Giau admitted active forex speculation at the black market recently, the state-run Labor newspaper said.
The SBV, the police ministry, and market watchdog across Vietnam are working on regulations in a couple of days to tighten control over greenback speculations, Giau said.
If any of forex desks, banks are found violating forex regulations, they will have licenses revoked and be banned from forex transactions, Giau noted.
The USD/VND rate on unofficial market has been trading above VND18,000 since April 13, much higher than the official rate of VND16,938 quoted by the SBV. Traders quoted at VND18,270 in Hanoi's black market on April 21.
The official exchange rate was quoted by the SBV at VND16,936, while gold shops are buying at VND18,150 and selling at VND18,180 on April 22.
Prime Minister Nguyen Tan Dung told a global business conference in Hong Kong Monday that Vietnam’s forex reserves are at secure levels, equaling 20 weeks of imports.
Analysts said Vietnam’s remittances, FDI and exports will likely drop in the face of the global financial turmoils. (Labor)
Vietnamese
