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  Banking Finance

Local investors to buy foreign currency from commercial banks for overseas investments

The State Bank of Vietnam has asked the government to allow local investors to buy foreign currencies from commercial banks for their overseas investments.

The Bank’s proposal was made after many companies asked the central bank to permit them to buy foreign currencies for their overseas investment projects.

In the past, the Ministry of Planning and Investment licensed many overseas projects without considering investors’ capacity of financing their projects in foreign currencies.

Meanwhile, with modest foreign currency reserves and fluctuating exchange rates, banks only sell foreign currency to these overseas investors on balancing the supply and demand of the foreign currency.

Under the proposal, which aims to facilitate overseas investment, banks will be able to sell foreign currencies to investors without having to apply for the permission from SBV for each individual project.

Furthermore, they will be allowed to use their foreign currency accounts to make remittances in accordance with their licenses.

VNS - (29/06/2004)

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