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Central bank seeks police help to control forex market   2009-12-07 - Thanh Nien

The State Bank of Vietnam has requested the police to pay more attention to illegal activities on the currency market and impose strict penalties against violators.



It has also called for assistance from the ministries of Industry and Trade (MoIT) and the Ministry of Information and Communications (MoIC) in overseeing a ban on listing prices in foreign currencies, local news website VietNamNet reported, citing an official document issued Friday.

Despite the ban which took effect in 2005, many products in Ho Chi Minh City and Hanoi have dollar price tags. The shops often use black-market exchange rates to calculate dong prices when selling.

The central bank in late November devalued the dong by more than five percent against the dollar to reduce the gap between official and black-market rates. It also narrowed the daily trading band to 3 percent from 5 percent to limit fluctuations.

It has also warned local banks and moneychangers against setting their exchange rates weaker than the ceiling rate.

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