December 20, 2011
The Ministry of Public Security’s economic crime department (C46B) on Monday confiscated US$500,000 and more than VND10 billion ($476,190) in an illegal foreign exchange trade busted last month in Ho Chi Minh City. In its report on Tuesday, Tuoi Tre quoted C46B as saying that the money will be submitted to the state budget, while [...]
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November 6, 2011
Legislators say all depositors at banks should be protected A draft law plans to restrict deposit insurance to local currency deposits only, sparking concerns of a mass withdrawal of dollars from banks. According to the National Assembly’s Economic Committee, it’s necessary to stop providing insurance cover for foreign currency deposits to support the government’s policies [...]
Tags: All Depositors, banks, currency, Currency Deposits, Deposit, Deposit Insurance, Depositors, deposits, dollar, Dollar Deposits, dollars, In The Country, insurance, Insurance Cover, Insurance Cover For, large, legislators, Local Currency, The country, Vnd50 Million
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August 31, 2011
Vietnam’s central bank said it will raise compulsory reserve ratios for foreign currency deposits from next month, the third increase this year as it strives to shore up the local currency and discourage the use of dollars. The move will effectively make it more expensive for banks to deal in dollars, which make up [...]
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August 13, 2011
After holding steady for months against the dollar, the Vietnamese dong began to show signs of weakening this week The Vietnamese dong has weakened after holding steady for months against the dollar, following a gold hoarding panic over the weekend. Commercial banks lowered the dong against the dollar on Thursday, increasing the exchange rate to [...]
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August 8, 2011
The temptation of million-dollar agarwood lures dreamers into a shadowy world of theft and murder deep in the jungle Tran Lieu, an agarwood hunter from Ai Nghia Town, Quang Nam Province, is among many locals recently romored to cultivate millions of dollars of ky nam, but the man insists that it is not true. Nguyen Van [...]
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July 30, 2011
Banks in VIetnam have stepped up sales of the dollar as they anticipate a move to reduce their dollar holdings, even as they compete to mobilize more of the greenback to meet increasing demand for dollar loans. “Buying foreign currencies now is easier than ever,” said Dao Duy Kha, deputy general director of Vietnam [...]
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June 28, 2011
A man paddles his wooden boat nearby the Bataan Nuclear Power plant in Morong town. In a fresh but ambiguous take on ecotourism, travelers in the Philippines can visit a remote turtle sanctuary and then venture into the heart of a nearby nuclear power plant. If tourists feel too weary to make the three-hour bus [...]
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June 28, 2011
Many banks with suplus cash are pouring money into the bond market. Low interest rates on dollar loans are attracting businesses. More than ever before, firms are opting for the foreign currency in a bid to escape escalating dong rates. But economists warn that exchange rates will jump in the coming months, when the central [...]
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June 22, 2011
As of June 10, credit had expanded 7.05 percent compared to the end of last year The central bank has increased its foreign exchange reserves due to an improving trend in the balance of payments and recent measures to support the local currency, Governor Nguyen Van Giau said. It had not been easy to increase the [...]
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June 13, 2011
The central bank has recently introduced a series of new rules to support the local currency A stabilized currency market has allowed the State Bank of Vietnam to buy 1.2 billion US dollars in May for its foreign exchange reserves. A report published on the government website Saturday says the central bank had already made [...]
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