Tighten foreign exchange market management

The State Bank of Vietnam requires branches in provinces, cities and credit institutions licensed to operate in foreign exchange to strengthen management work.

On July 18, the State Bank of Vietnam (SBV) issued documents No. 5174 and 5175/NHNN-QLNH requesting SBV branches in provinces and cities and credit institutions licensed to conduct foreign exchange activities to strengthen foreign exchange management.

According to this document, on June 28, 2013, the State Bank adjusted the exchange rate by 1% and implemented synchronous measures to stabilize the exchange rate and foreign exchange market.

To continue contributing to stabilizing exchange rates and the foreign exchange market, the State Bank of Vietnam requires the State Bank branches in provinces and cities to coordinate with local authorities to implement necessary measures to strengthen foreign exchange management and gold trading activities, detect and strictly handle violations according to the provisions of Decree No. 95/2011/ND-CP dated October 20, 2011 of the Government amending and supplementing a number of articles of Decree No. 202/2004/ND-CP dated December 10, 2004 of the Government on administrative sanctions in the field of currency and banking activities. The State Bank branches in provinces and cities shall report the results of the implementation of the above contents to the State Bank of Vietnam (Foreign Exchange Management Department) before August 31, 2013.

Along with that, the State Bank of Vietnam requires the Chairman of the Board of Directors, Chairman of the Board of Members, General Director, and Director of credit institutions licensed to conduct foreign exchange activities to direct units in the system to strictly comply with regulations on foreign exchange management, management of gold trading activities, especially regulations on exchange rates and foreign exchange transactions./.

According to (vov.vn) - LT