Vietnam allows bank to set FX exchange rates
(10 July 2006 – Vietnam) Vietnam’s central bank is allowing semi private bank, Eximbank, to set its own exchange rates for foreign currency transactions.
In the latest move on the path to increased deregulation of financial services in Vietnam, Eximbank, has embarked on a six month trial, that, if successful, will pave the way for all commercial banks to set their own exchange rates for current account transactions.
The State Bank of Vietnam currently sets exchange rates daily.
Eximbank is the abbreviated name for Export-Import Commercial Bank and is headquartered in Ho Chi Minh City.
"The trial is aimed at better meeting Vietnamese citizens’ demand for foreign currencies when they travel, study or receive health treatment abroad," the central bank said.
"This will also execute the liberalisation of current account transactions as agreed with the International Monetary Fund."
The State Bank of Vietnam currently sets exchange rates daily.
Eximbank is the abbreviated name for Export-Import Commercial Bank and is headquartered in Ho Chi Minh City.
"The trial is aimed at better meeting Vietnamese citizens’ demand for foreign currencies when they travel, study or receive health treatment abroad," the central bank said.
"This will also execute the liberalisation of current account transactions as agreed with the International Monetary Fund."
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