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Illegal trading of foreign currencies will be punished. (Illustrative image) |
Accordingly, the People’s Committees of all districts and Thu Duc City are asked to cooperate with functions agencies in foreign currency management in order to ensure law observation in foreign currency selling, buying, exchanging, and payment at authorized banks and agencies.
The foreign currency trading of organizations (particularly gold trading businesses), individuals without permission is a law-breaking act on foreign currency management and has had negative impacts on the exchange rates as well as the foreign exchange market, especially in times of great exchange rate fluctuations. This will in turn affect the effectiveness of policies and the resources for socio-economic development.
The State Bank of Vietnam – HCMC Branch clearly states that foreign currency selling, buying, using must obey the law. The legal needs to exchange foreign currencies of businesses and citizens can be satisfied at the two authorized places of credit organizations and foreign exchange agencies, both of which can only use VND to buy foreign currencies from individuals but cannot sell foreign currencies in cash to citizens for VND.
Besides, local authorities were asked to increase monitoring and supervision on businesses under their charge, particularly gold trading ones, to timely detect and strictly handle any cases of illegal selling, buying, and using foreign currencies as a case of administrative violation in the monetary and banking field. Serious cases will be cooperatively dealt with by the localities and the State Bank of Vietnam – HCMC Branch in compliance with the law.
Deputy Director Nguyen Duc Lenh of the State Bank of Vietnam – HCMC Branch said that his organization will frequently collaborate with state agencies related to foreign currency and gold management to support businesses for the growth of HCMC in the aspects of tourism, services, and import-export.
However, since the network of gold trading stores and enterprises as well as foreign currency exchange agencies are sited throughout the city, it is necessary to have close cooperation among state management units for effective monitoring of the market, particularly the gold and foreign currency ones.
