Tightly control illegal USD trading during Tet

(NLDO) – Banks need to monitor and ensure foreign currency exchange agents operate to limit illegal foreign currency trading, especially during Tet.

The State Bank of Vietnam, Ho Chi Minh City branch, has just sent a document to commercial banks and foreign bank branches licensed to conduct foreign exchange activities in the area, regarding strengthening the management of foreign exchange agents.

The State Bank of Vietnam, Ho Chi Minh City branch, requires restricting the illegal trading of foreign currencies, especially during the peak of the Lunar New Year 2025.

Accordingly, the State Bank requires credit institutions that authorize and sign agency contracts with enterprises that have foreign currency exchange desks to continue to strengthen management solutions, inspection and supervision, and other measures to ensure that the exchange desks operate in accordance with legal regulations.

It is necessary to strengthen inspection and supervision to ensure that foreign exchange agents strictly comply with regulations, limiting illegal foreign currency trading, especially at the end of the year and during the 2025 Lunar New Year. Periodic or unscheduled inspections and controls of authorized agents should be conducted to ensure safe and effective operations.

"In case a foreign exchange agent is found to have signs of violating the provisions of law, the credit institution will take appropriate measures depending on the nature and severity of the violation" - the document of the State Bank of Vietnam, Ho Chi Minh City branch clearly stated.

Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, said the above requirements aim to ensure foreign currency trading activities comply with regulations, contributing to stabilizing the foreign exchange market in the area; not buying and selling foreign currency freely, contributing to limiting and preventing smuggling that often arises and becomes complicated at the end of the year.

On January 9, the central exchange rate was listed by the State Bank at 24,338 VND/USD, an increase of 8 VND/USD compared to yesterday. The USD price at commercial banks was traded around 25,194 VND/USD for buying and 25,554 VND/USD for selling, an increase of 8 VND/USD compared to yesterday.

On the free market, some foreign currency exchange points in Ho Chi Minh City buy USD at 25,660 VND/USD, sell at 25,760 VND/USD, more than 200 VND/USD higher than in banks.

The USD/VND exchange rate has remained high since the beginning of the year, after increasing by about 5% in 2024.

Source: https://nld.com.vn/kiem-soat-chat-mua-ban-usd-tu-do-trai-phep-dip-tet-19625010911361551.htm