>> Black market for USD rebounds despite ban
>> New policies to ease disparity in foreign currency market
The State Bank of Vietnam (SBV) will issue a regulation allowing individuals to carry only USD5,000 abroad as maximum.
 |
| Individuals can carry max of USD5,000 abroad |
Prime Minister Nguyen Tan Dung on April 13 requested SBV, the country’s central bank, to issue a circular on tightening control over payment and price listings in foreign currencies as soon as possible.
The PM ordered SBV to apply a maximum interest rate of 3% for personal deposits in foreign currency.
SBV must also increase commercial banks’ cash reserve ratio in foreign currency by 2% to 6% for demand and term deposits of less than one year, and to 4% for term deposits of over one year.
On April 7, Dung chaired a cabinet meeting to discuss measures for foreign currency management.
He is requiring the SBV to issue a decree amending and supplementing some articles of Decree No. 202/2004NĐ-CP dated December 10, 2004, which guides the enforcement of foreign exchange and gold trading regulations. Final document should be submitted to the PM this month.
SBV, together with the Ministry of Industry and Trade and various state agencies, were told to set up an interdisciplinary working group that will supervise lending and payment in foreign currency.
The ministry must tighten control over licensing gold traders as well as revoke business license of serious violators, he added.
