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Supply in foreign currency has not met the demand
Source: http://atpvietnam.comLast modified: May 22, 2009 09:07
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In recent time, many gold importers still felt difficult to buy foreign currency to meet demands in payment. While many investors have continued keeping foreign currency; this affected customers' psychology and caused a lack of supply source in foreign currency. In addition, many banks said that the supply in foreign currency has not met the demand. At the dialogue with State Bank of Vietnam recently, the representative of an enterprise in Long An province complained that his enterprise asked to buy USD from the provincial bank; however, they must pay at a higher price than the listed price at bank. For the situation, Mr. Nguyen Quang Huy, chairman of Foreign Currency Management Department - State Bank of Vietnam admitted that many exporters have kept foreign currency, thus banks did not have enough foreign currency to sell to importers. However, Mr. Huy thought that the situation has lessened. Meanwhile, the Governor of State Bank Nguyen Van Giau explained the cause of lack of foreign currency, in which he mentioned to the problems in implementing legal documents. For example, instead of asking foreign currency exchange agents to exchange at the listed price, they gathered foreign currency at home to exchange. Moreover, many export enterprises hoped a rise in exchange rate, thus they determined not to sell foreign currency to banks...

