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Tuesday, November 29, 2022

Central bank urges compliance with forex rules

The Saigon Times

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HCMC – The HCMC branch of the State Bank of Vietnam (SBV) has told local banks and foreign bank branches to strictly comply with foreign exchange regulations after the trading band of the Vietnamese dong currency was widened from 3% to 5% on either side of the central exchange rate.

The central bank’s city branch also requested domestic banks and foreign bank branches to publicly announce their exchange rates between the Vietnam dong and the U.S. dollar.

The authorities will inspect foreign exchange agents to ensure they comply with the prevailing regulations.

On October 17, the central bank widened the trading band of the Vietnamese dong amid the strong rise of the U.S. dollar against many other currencies.

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