Vietnam Central Bank to Revoke License of Law-dodging Banks

The State Bank of Vietnam (SBV), the central bank, will recall business licenses of those banks which dodge the law by collecting fee for loans and selling foreign currency without permission, said the governor Nguyen Van Giau at the meeting with banks and businesses in Ho Chi Minh City recently.

 

Central bank now is taking measures to support the foreign exchange market, he said.

 

The SBV is actively selling foreign currencies to commercial banks to restrict dollar hoarding and speculation, which has deformed the demand and supply.

 

Credit institutions have been also allowed to double trading band of USD/VND to ±2%, Giau said.

 

Vietnam is expected to have foreign currency surplus of $2.5 billion this year, the governor said. (SGT, Laborer)