The State Bank of Vietnam will sell US dollars to hard-pressed credit institutions to help stabilise the foreign exchange market.
The move was announced on Dec. 1 in the wake of widespread complaints by enterprises that they were unable to buy dollars from banks or that banks were charging beyond the official exchange rate, as well as slapping extra fees on the transactions.
Under the new State Bank rules, banks which have a demand for foreign currency in excess of 5 percent of the bank’s capacity would be able to buy from the State Bank of Vietnam on credit.
Priority would be given to enterprises which require foreign currency to import raw materials needed for production.
The State Bank also said that the general directors of credit institutions would be held responsible for monitoring foreign exchange transactions within their institutions and would be legally liable and subject to penalty for any violations of the law.
State Bank of Vietnam Governor Nguyen Van Giau said this week that the US dollar on deposit by enterprises in the domestic banks totalled about US$10.3 billion.
The central bank this week also asked credit institutions to report total deposits and outstanding loans to the Foreign Exchange Management Department no later than December 4.
To ease the perceived dollar shortage, the Prime Minister has also ordered the major State-owned firms, such as the National Oil and Gas Group (PetroVietnam) and the Vietnam National Coal-Mineral Industries Group (Vinacomin), both of which bring in large quantities of dollars from the export of natural resources, to sell dollars to the central bank.
Under the new State Bank rules, banks which have a demand for foreign currency in excess of 5 percent of the bank’s capacity would be able to buy from the State Bank of Vietnam on credit.
Priority would be given to enterprises which require foreign currency to import raw materials needed for production.
The State Bank also said that the general directors of credit institutions would be held responsible for monitoring foreign exchange transactions within their institutions and would be legally liable and subject to penalty for any violations of the law.
State Bank of Vietnam Governor Nguyen Van Giau said this week that the US dollar on deposit by enterprises in the domestic banks totalled about US$10.3 billion.
The central bank this week also asked credit institutions to report total deposits and outstanding loans to the Foreign Exchange Management Department no later than December 4.
To ease the perceived dollar shortage, the Prime Minister has also ordered the major State-owned firms, such as the National Oil and Gas Group (PetroVietnam) and the Vietnam National Coal-Mineral Industries Group (Vinacomin), both of which bring in large quantities of dollars from the export of natural resources, to sell dollars to the central bank.
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