TUOI TRE
The Ho Chi Minh City branch of the State Bank of Vietnam (SBV) is calling for a policy to discourage gold shops from doubling as foreign exchange dealers.
According to current SBV regulations, people can own foreign currencies but can only sell them to banks and forex dealers licensed by the central bank. Gold shops can apply for a license to be a forex dealer, which means they can buy - not sell - foreign currencies.
But SBV-HCMC said many gold shops with such a license were illegally selling foreign currencies, which was the main cause of recent price fluctuations in the gold and forex markets.
At present, there are seven out of 74 forex dealers in HCMC which also trade in gold.
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