Vietnam Central Bank to Sell Foreign Currencies to Stabilize Market
The State Bank of Vietnam, the country’s central bank, said Monday that it will sell foreign currencies to local banks which are licensed to operate in forex services in order to stabilize domestic forex market.
Banks whose deficit in forex balance exceeds 5% can apply to buy foreign currencies, the central bank said in an official dispatch sent to directors and general directors of local credit institutions Nov 30.
The SBV also asked local banks to re-sell these foreign currencies to importers, especially those serving local production, at the ceiling with the allowable maximum amplitude of 3%.
Any violations will be strictly punished.
Last week, Prime Minister Nguyen Tan Dung requested PetroVietnam, Vinacomin and other state-owned corporations to sell part of their dollar receipts to the central bank. By doing so, the SBV will have sufficient dollar to cool down domestic forex market. (SBV)
Vietnamese
