Vietnam Central Bank Refuses Rumors on Foreign Currency Savings

The State Bank of Vietnam has recently rejected rumors that commercial banks would not allow depositors in foreign currencies to withdraw money from the bank in foreign currencies, the Thoi Bao Kinh Te newspaper said June 10.

 

The rumors have worried the local people, triggering a wave of massively withdrawing money from foreign currency-based accounts, the source said.

 

Current legal regulations on foreign exchange management has stipulated that individuals can deposit their savings in foreign currencies at legal credit organizations and withdraw their savings and interest in the kind of currencies they have deposited, Nguyen Ngoc Lan, deputy head of the SBV's Foreign Exchange Department affirmed.

 

In case the depositors wish to change their savings in foreign currencies to Vietnam dong, they can sell them to commercial banks, he added.

 

Lan also urged local depositors to keep calm and if they have any queries they should directly ask the commercial banks where they have deposited their savings for correct information, thus avoiding listening to false rumors on the market. (Vietnam Economic Times)