Tighten the use of exchange desks to illegally sell foreign currency

State Bank tightens the use of foreign exchange desks to sell foreign currency freely - Photo: QUANG DINH

Banning foreign currency exchange desks for people

Specifically, the State Bank of Vietnam, Ho Chi Minh City branch, said that according to current regulations, all foreign currency collected and exchanged from customers and people is sold to banks according to contracts and regulations of the State Bank.

Therefore, the State Bank of Vietnam, Ho Chi Minh City branch, requires banks with foreign exchange desks to fully and comprehensively evaluate the location of the foreign exchange desk.

At the same time, it is necessary to set targets on sales and growth each year, ensuring efficiency, suitability to reality and meeting the foreign currency exchange needs of foreign tourists and people, while still ensuring compliance with legal regulations.

Avoid taking advantage of foreign exchange activities to trade and buy and sell foreign currencies freely, violating the law and causing difficulties for management activities.

Before the 10th of each month, banks must periodically report inspection results to the State Bank of Vietnam, Ho Chi Minh City branch.

"Banks licensed to operate foreign exchange must also have measures to manage, administer and control the operations of foreign exchange desks. At the same time, they must bear the legal responsibility of the authorized credit institution if the foreign exchange desk violates the law," the State Bank emphasized.

When can people buy USD?

Under current regulations, foreign exchange agents are only allowed to buy foreign currency cash from individuals, but are not allowed to sell USD back to the people.

Only foreign exchange agents located in quarantine areas at international border gates are allowed to sell foreign currency in cash to foreign passport holders upon exit according to regulations.

For people who need to buy foreign currency, banks only sell it for the purposes of studying, medical treatment, business trips, tourism, visiting, paying fees and charges to foreign countries, providing allowances for relatives abroad, transferring inheritance money to heirs abroad, transferring money in case of settling abroad, one-way money transfer for other legitimate needs and must have supporting documents.

In April, the State Bank of Vietnam, Ho Chi Minh City branch, issued a document advising people to buy and sell foreign currency at banks and not on the open market.

However, according to records, because it is not easy to buy foreign currency at banks, many people have turned to the free market. On the contrary, when the free USD price is higher than the bank price, people also tend to sell in the free market to get a better price than selling at the bank.

Free USD price continuously plummets

In recent days, the USD price has continuously plummeted after the US Federal Reserve (Fed) entered a cycle of interest rate cuts.

On October 2, the free USD price was at 25,051 VND/USD (sell) and 24,951 VND/USD (buy). Thus, since the beginning of the week, the free USD price has decreased by a total of 179 VND/USD.

Compared to the peak of 25,950 - 26,030 VND/USD (buy - sell) set on June 27, the free USD price has now decreased by 979 VND/USD for selling and 999 VND/USD for buying.

Source: https://tuoitre.vn/siet-viec-loi-dung-ban-thu-doi-de-ban-ngoai-te-trai-phep-20241002211843172.htm