Central Bank to crack down on illegal foreign currency transactions

The Central Bank warned on November 2 that it would crack down heavily on all violators of foreign currency exchange rules in banks and credit institutions, particularly those buying and selling at higher than fixed rates.

Recently, the government had issued a new decree to set higher fines and severe punishment on those violating foreign exchange and gold trading regulations. People caught illegally trading foreign exchange currency or gold can now be fined up to VND500 million, instead of the earlier fine of VND70 million.

The new decree is expected to help stabilize the local forex and gold market as well as reduce illegal dollar trading in banks and credit institutions.