VNBusinessNews.com - The Governor of the State Bank of Viet Nam (SBV) on July 1 sent an official letter to credit institutions with foreign exchange licences to redress their foreign exchange trading in line with existing regulations.
The move came after several credit institutions traded foreign exchange at a figure higher than the ceiling rate set by the State Bank.
In Official Letter No4941/NHNN-QLNH, the Governor asked CEOs at the institutions to strictly comply with regulations on foreign exchange transactions and on the trading of the US dollar and Vietnamese dong.
The Governor said the institutions were not allowed to charge fees in the form of service contracts, commission payment or fees of cash management for the purpose of making the actual exchange rate higher than the ceiling rate set by the SBV.
The Governor also asked the directors of the Financial Supervision Agency and SBV branches nationwide directly under the central government to take proper measures against possible offences and to report the outcomes to the Governor in a timely manner.
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Released on = May 1, 2007, 11:51 pm
Press Release Author = Aticha Pasaprates / Le Meridien Angkor
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