11:18:51 AM | 15/7/2008
The State Bank of Vietnam (SBV) has issued a decision to re-adjust regulations on operation of foreign exchange desks, the SBV website said July 11.
Under the new Decision No.21/2008/QD-NHNN, replacing the Decision No. 1216/2003/QD-NHNN dated October 9, 2003, the central bank has ordered 3,600 domestic money desks to re-apply for their license to trade foreign currencies.
The move is aimed to ensure money changers to follow regulations on foreign currency management of the central bank, according to the decision, which didn&rsquot say when the new decision will come into effect.
Money desks need to re-apply in the next three months or so, the decision said.
The central bank will only allow money changers to operate from hotels of at least three stars, border gates, travel agents, airline offices, entertainment areas for foreigners and shopping centers, the decision said, but did not disclose when it will come into effect.
Authorities have the right to revoke the license of any money changers who won&rsquot sell dollars to banks.
July 12, the buy/sell rate for USD/VND at Vietcombank and at Vietnam Export Import Bank (Eximbank) was VND16,813/VND16,848 and VND16,813/VND16,848, respectively.
In Hanoi, people crowded jewelry shops and foreign currency exchange agents to buy U.S. dollars as the buy/sell rate ped to VND16,900/VND17,000 on the same day.
Agents are selling the dollar at VND16,800 to customers trading more than US$1,000.
The exchange rate of the dollar on the black market tumbled after the SBV ensured a sufficient supply of dollars to meet basic goods importers&rsquo demand.
East Asia Bank, Sai Gon Commercial Bank, the Bank for Investment and Development of Vietnam (BIDV) and the Technological and Commercial Joint Stock Bank (Techcombank) agreed to sell the dollar at listed prices to all clients.
Individuals with legitimate needs for dollars, including studying abroad, travel, and overseas medical treatment, can also buy dollars from the bank, said BIDV chairman Tran Bac Ha. (Labour, www.sbv.gov.vn(
Vietnamese
