» Foreign Currency

Vietnam increased penalties for foreign currency trading violations last month Vietnam’s central bank has imposed stiff penalties on two companies and a university in Hanoi for violating regulations on U.S. dollar trading and illegally listing prices in the foreign currency. The combined fine of VND650 million (US$30,940)...

Tags: Central Bank, Foreign Currency

After holding steady for months against the dollar, the Vietnamese dong began to show signs of weakening this week The Vietnamese dong has weakened after holding steady for months against the dollar, following a gold hoarding panic over the weekend. Commercial banks lowered the dong against the dollar on Thursday, increasing...

Tags: Against The Dollar, Between The Dong, Between The Dong And, Commercial Banks, Dollar Prices, Exchange Rate, Exchange Rate Between, Exchange Rate Between The, Few Days, Foreign Currency, Gold Prices, In The World, In The World Market, Over The Past, Over The Past Few, Past Few Days, Rate Between The, Rate Between The Dong, Thanh Nien, Thanh Nien Weekly, The Dollar, The Dong, The Dong And, The Exchange, The Exchange Rate, The Exchange Rate Between, The Past, The Past Few, The Past Few Days, The Vietnamese Dong, The World, The World Market

Many banks with suplus cash are pouring money into the bond market. Low interest rates on dollar loans are attracting businesses. More than ever before, firms are opting for the foreign currency in a bid to escape escalating dong rates. But economists warn that exchange rates will jump in the coming months, when the central...

Tags: Central Bank, Commercial Banks, Dollar Loans, Foreign Currency, Foreign Currency Reserves, Interest Rates, The Central, The Central Bank, The State Bank

  New central bank directives to reduce dollar hoarding, economist says A local commercial bank staff receives bricks of dong bank notes from a customer in Hanoi. A government advisor says people will soon start saving their money in dong. A new cap on dollar deposit...

Tags: Dollar Deposits, Dollar Loans, Foreign Currency, Interest Rates, On Dollar Deposits, Overseas Remittances, Reserve Ratio, Reserve Ratio Increase, The Dollar, The Government

Local banks have lowered their interest rates on dollar deposits. Economists and bankers are expecting a switch from dollar holdings to dong assets after the central bank capped the interest rate on dollar deposits. The State Bank of Vietnam has capped dollar deposit rates at 3 percent for individuals and 1 percent for institutions,...

Tags: Dollar Deposits, Foreign Currency, Interest Rates, On Dollar Deposits, Rate Cap

  Vietnam’s central bank raised the amount of dollar deposits lenders must set aside as cash to curb the use of foreign currency in the nation and stabilize the dong. The reserve ratio on deposits held in the US currency will increase by 2 percentage points to a range from 3 percent to 6 percent from May,...

Tags: Foreign Currency, The State Bank

A client buys US dollars at a bank in Ho Chi Minh City The State Bank of Vietnam said it has not made any decision on allowing banks to charge transaction fees when selling foreign currency to individuals. Some newspapers have reported that such a fee would be charged, but at this point that’s just a wish expressed by...

Tags: Foreign Currency

A staff member counts US dollar notes at a bank in Ho Chi Minh City The dong has strengthened against the dollar and dollar-denominated deposits have increased over the past week after the central bank clamped down on foreign exchange transactions in the unofficial market. On Thursday, the dollar traded at Vietcombank at VND20,865,...

Tags: Foreign Currencies, Foreign Currency, Foreign Currency Trading, Foreign Exchange, State Bank, The Black Market, The Foreign, The Government, The Habit, The State Bank, To Buy Foreign

  Vietnam’s government grapples with an unprecedented inflationary predicament  Construction workers have lunch on the sidewalks of a street in downtown Ho Chi Minh City As consumer prices continue to rise, globally, fuel and energy have spiked at home....

Tags: Economic Growth, Foreign Currency, Owned Enterprises, Public Works Projects, State Owned, State Owned Enterprises, The Government, The Government Has

A man places stacks of dong and US dollar notes inside a bag at a bank in Ho Chi Minh City. The State Bank of Vietnam devalued the dong by 9.3 percent on February 11 in an effort to minimize the gap between the official and black market exchange rates. Following the move, the dong slid to a record low against the dollar. More...

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