SBV calls for stronger oversight of forex, gold trading

January 02, 2024

HCMC – The State Bank of Vietnam’s HCMC branch has urged efforts to curb unauthorized foreign exchange and gold trading activities. In response to a spike in foreign exchange demand towards the end of the lunar year, the SBV branch emphasized the need for enhanced oversight of foreign currency exchange and gold sales. Earlier, the SBV, the nation’s central bank, warned of regulatory violations involving gold trading activities and currency exchanges, saying that some organizations and individuals are engaging in illegal foreign exchange transactions. This not only breaches foreign exchange regulations but also impacts exchange rates and market stability. The central bank also urged coordination among relevant authorities, including law enforcement agencies and local administrations, with a focus on inspections and monitoring of those involved in gold trading.

The source of this news is from The Saigon Times