Vietnam Agencies Join Forces to Fight Illegal Forex Trading
Government agents are patrolling the foreign exchange market to weed out speculative practices and illegal foreign currency trading, the State Bank of Vietnam, the country’s central bank, said on its website Dec 16.
The SBV released the statement at a meeting Dec 16 with the Ministries of Police, Industry and Trade, and HCM City and Hanoi authorities to seek solutions to tighten control over foreign currency trade to stabilize the monetary market.
Illegal traders of foreign currencies have cornered the financial market by speculating hard currencies and spreading groundless rumors among the public, the SBV stated.
SBV Deputy Governor Nguyen Van Binh said the central bank will hold monthly meetings with these agents to receive updates on the market.
The central bank has reported that most violators were institutional and individual dealers operating gold shops. No licensed foreign exchange agents had been discovered engaging in unlawful activities. (SBV)
Vietnamese
