Banks to provide transfer services till last lunar year day

The overseas remittance companies of Sacombank and DongA Bank say they will carry out overseas transfer services until the last day of the lunar year, which is February 2, 2011.

The amount of foreign exchange currency in Vietnam has currently risen due to the banks hike in interest rates on the US dollar. Some commercial banks have raised their interest rate to about 6 per cent.

The remittance inflow comes mainly from some traditional markets such as the US, Canada, Europe and Australia as well as from Vietnam’s major labor export market such as South Korea, Taiwan, the Middle East and Malaysia.

According to World Bank statistics, Vietnam was ranked 16th out of 30 nations with the highest amount of foreign exchange currency. World Bank estimates that the amount will rise more than 6 percent this year as compared to last year.

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