>> US dollars flow into banks

>> Black market USD trade almost non-existent

The State Bank of Vietnam (SBV) has ordered local lenders to sell US dollars to people who have legitimate demand.

Illustration photo

Almost all customers who have tried to buy USD in gold shops have been given a firm answer of no, or been pointed in the direction of official banks to make their transactions.

The SBV, in coordination with the government, has made moves to tighten control over unofficial trade of foreign currency. This has successfully hampered the unofficial foreign currency market, along with speculation.

But it has also caused a shortage of foreign currency for those who need it for legitimate reasons, such as business trips, study, or medical treatment abroad.

In response, the SBV has ordered banks to provide this service for people that have a legitimate need for US dollars.

The state bank’s crackdown on the black market is among the government’s attempts to stabilise the domestic foreign currency market as well as to curb inflation.