New decisions on foreign currency management
16:11 | 13/04/2011

VGP – PM Nguyễn Tấn Dũng has asked the State Bank of Việt Nam (SBV) to apply interest rates’ ceiling on foreign currency deposits at 3% and raise the compulsory reserve ratio on foreign currency by 2%.  

 Illustration photo

Earlier, the Government chief on April 7 chaired a meeting in Hà Nội on the management of foreign currencies and the activities of Vietnamese commercial banks which are selling shares to foreign investors.

PM Dũng requested the SBV to amend, supplement and finalize legal frameworks for managing the foreign currency, regulating the market in active and flexible manner, with the aim to encourage export, reduce trade deficit, improve the international balance of payments, and raise foreign exchange reserve.

The SBV was assigned to submit a new decree to replace Decree 202/2004NĐ-CP, dated on December 10, 2004 on sanctions against administrative violations in the monetary and banking operations. 

In addition, the SBV will issue a new regulation in which every resident will be permitted to carry a maximum of US $ 5,000 without customs declaration when exit the country. 

The PM also asked the Ministry of Planning and Investment to strictly supervise gold business registration and impose punishments on gold management infringements./. 

By Hương Giang  

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