Vietnam Takes Aim on Black Market Gold Trading

"State Bank of Vietnam to apply bold monetary policies to fight "dollarization."

Vietnam determines to ban bullion trade the black market, Prime Minister Nguyen Tan Dung was quoted as saying in a meeting on March 15 by the state-run online VnEconomy.

Prime Minister requested the State Bank of Vietnam (SBV) to apply bold monetary policies to fight "dollarization," "goldization" in the economy; keep a close eye on gold and dollar market, strictly penalize illegal dollar trading in the unofficial market.

He also ordered the central bank to ensure sufficient dollar supply in the banking system to meet the public and enterprises’ legal demand for the greenback.

The average deposit interest rates for the dong were 13.04% p.a. in February, hardly changed from last month, while the average dong lending interest rates edged up 0.5-1% to 16.23% p.a.

The average deposit interest rates for dollars were 4.2% p.a. in February, unchanged from January, while lending ones were 6.37% p.a.

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