Combat against gold and foreign currency smuggling to be accelerated
The campaign has been launched by Vietnam Customs.
Topic: foreign currency
Central bank tightens control over foreign currency trading
Some organizations found illegally trading foreign currencies.
Central bank raises forex reserves as pressure eases
Pressure on foreign currencies has eased, with supply and demand finding a balance.
SBV active in money market
In the money market last week (September 19 to September 23), the State Bank of Vietnam (SBV) continued to use open market operation tools to maintain sufficient liquidity in the system and indirectly move on the interbank interest rate level. At the end of the week, the central bank net withdrew VND34.6 trillion ($1.46 billion) through the open market channel and VND23 trillion ($967 million) through foreign currency sales. It recently increased some operating interest rates, after nearly eleven years since the last increase. Rates such as discount rates and refinancing rates were raised by 1 per cent.
SBV withdraws $8.5bln
The State Bank of Vietnam (SBV) has net withdrawn nearly VND200 trillion ($8.5 billion) through the open market treasury bill channel in recent times. It also withdraws money through foreign currency sales. Viet Dragon Securities (VDSC) estimates that, in a bid to prevent the devaluation of the VND, the central bank has sold about $13 billion since the beginning of the year.