November 21, 2011
Bao Tin Minh Chau gold bars are displayed for sale at a gold shop in Hanoi Experts say gold buyers may fall victim to new restrictions planned for the bullion market, with concerns rising over potential monopolistic control. Dinh Nho Bang, vice chairman of the Vietnam Gold Traders Association, said the plan to reduce [...]
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November 9, 2011
Gold bar producers are required to have a minimum market share of 25 percent under a new draft decree Economists warned that a plan to reduce the number of gold producers can lead to a supply shortage and the emergence of a black market, news website VnExpress reported Monday. The warnings came after the central [...]
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October 8, 2011
South African protesters hold signs during a demonstration outside the Chinese embassy in Pretoria on September 22, calling on the government to stop poachers from killing rhinos for their horns. A plan to legalize the rhino horn trade in South Africa has drawn flak from experts concerned the move would be a setback for conservation [...]
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March 28, 2011
A client buys US dollars at a bank in Ho Chi Minh City The State Bank of Vietnam said it has not made any decision on allowing banks to charge transaction fees when selling foreign currency to individuals. Some newspapers have reported that such a fee would be charged, but at this point that’s just a [...]
Tags: banks, Black Market, Central bank, currency, Currency Sales, dollars, Foreign, Foreign Currency, Foreign Currency Sales, Individual clients, On Foreign Currency, On Foreign Currency Sales, Selling Foreign, Us Dollars, When Selling, When Selling Foreign
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March 25, 2011
A staff member counts US dollar notes at a bank in Ho Chi Minh City The dong has strengthened against the dollar and dollar-denominated deposits have increased over the past week after the central bank clamped down on foreign exchange transactions in the unofficial market. On Thursday, the dollar traded at Vietcombank at VND20,865, down [...]
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March 11, 2011
A recent crackdown has brought the unofficial foreign exchange market in Hanoi to a standstill The State Bank of Vietnam Governor Nguyen Van Giau announced that foreign exchange rates on the unofficial currency market will drop in coming days as the authorities launch a crackdown on illegal dollar hoarding and trading. On Tuesday, Giau told [...]
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February 25, 2011
A man places stacks of dong and US dollar notes inside a bag at a bank in Ho Chi Minh City. The State Bank of Vietnam devalued the dong by 9.3 percent on February 11 in an effort to minimize the gap between the official and black market exchange rates. Following the move, the dong [...]
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January 22, 2011
A girl buys “lucky money” envelopes from a street vendor in HCMC. A tradition has emerged of gifting small, clean notes as “lucky money” during Tet festival. Moneychangers are enjoying brisk business, as consumers rush to buy new small-domination banknotes. Due to commercial bank shortages, black market money changing stalls crop up in Hanoi every [...]
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December 27, 2010
Vietnam’s inflation rate accelerated to the highest level in 22 months after currency devaluations stoked import costs and credit expansion spurred domestic demand. Prices increased 11.75 percent in December from a year earlier, compared with 11.09 percent in November, according to figures released Friday by the General Statistics Office in Hanoi. The reading is [...]
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February 2, 2010
Vietnamese banks bought US$450 million in US currency from local companies this year and are ready to sell the dollars to the central bank, according to the State Bank of Vietnam. The figure for the currency purchases was given today by Nguyen Dong Tien, deputy governor of the State Bank of Vietnam at a press [...]
Tags: According, banks, Banks Bought, Black Market, Central, Central bank, Credit Growth, percent, state, State bank, State-owned, The state, The state bank, This year, Vietnam
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