Banks that buy and sell USD must post notices for people to identify.

The State Bank requires banks that trade in foreign currency to post notices and tighten the illegal sale of USD at foreign currency exchange desks.

The State Bank requires banks that trade in foreign currency to post notices in front of branches and transaction offices - Photo: QUANG DINH

Tighten illegal USD trading at foreign exchange desks

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.

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

At the same time, banks must also strengthen inspection and supervision, ensuring 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. Periodically or suddenly inspect and control authorized agents 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 foreign exchange market is complicated at the end of the year.

Speaking to Tuoi Tre Online , Mr. Nguyen Duc Lenh, deputy director of the State Bank of Vietnam, Ho Chi Minh City branch, said that the end of the year is also the time when the free foreign exchange market has many complicated developments.

Therefore, recently, the State Bank of Vietnam, Ho Chi Minh City branch, has also requested banks with foreign currency exchange desks to closely monitor the operations of these foreign currency exchange desks.

According to regulations, foreign exchange desks are only allowed to buy foreign currency from people and resell it to banks, not to sell USD to people. However, recently, in addition to buying USD from people, many exchange agents have also illegally sold foreign currency to people.

Therefore, recently, the State Bank of Vietnam, Ho Chi Minh City branch, has directed banks that conduct foreign currency trading activities to post notices in front of branches, transaction offices and counters so that people can be aware.

Nowadays, some banks put stickers, some don't, so people can't recognize them.

"Recently, at the meeting to summarize 2024 and deploy activities for 2025, the State Bank of Vietnam, Ho Chi Minh City branch, emphasized this issue," said Mr. Lenh.

At the end of today, January 9, the USD selling price at banks was 25,194 VND/USD (buy), 25,554 VND/USD (sell). The free USD price was about 200 VND/USD higher than the bank price, the selling price was around 25,760 VND/USD.

Source: https://tuoitre.vn/ngan-hang-co-mua-ban-usd-phai-dan-thong-bao-de-nguoi-dan-nhan-dien-20250109220539514.htm