Saturday, August 19, 2017 - 12:43:04

Ministry proposes five steps to reduce demand for dollars

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The Ministry of Planning and Investment (MPI) has proposed five measures to tackle the widespread use of the US dollar in the domestic economy.

In a ministry website statement, it said the first measure was to increase US dollar reserves to enable more active management of exchange rates; and to use a basket of several currencies for international transactions instead of the US dollar.

Secondly, the country needed to adjust its production structure to avoid dependence on imported raw materials to reduce demand for US dollars. The third measure would be to improve the operational quality of credit agencies and expand services related to Vietnamese dong transactions.

Increased dollar remittances by businesses and individuals should be encouraged as the fourth measure.

The fifth measure, the statement said, was strict implementation of policies and regulations relating to the listing of prices in currencies other than the national currency.

While black market trade in US dollars was strictly banned, relevant agencies needed to supervise the operation of credit institutions that were reluctant to sell dollars to businesses and individuals with legitimate needs, the Ministry said.

It called for checks on the volume of foreign currency held by credit agencies or residents.

The ministry said the country needed to learn from the experience of Thailand and other Southeast Asian countries in the 1997-98 financial crisis and take appropriate measures to ensure macroeconomic stability. /.
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