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Updates on State Bank of Vietnam

June 1, 2011‐ Hanoi

Vietnam's central bank, the State Bank of Vietnam has said that Vietnamese state-run companies will have to sell the foreign exchange from their deposit accounts and any other legitimate income to banks. This change is effective July 1, 2011.

The compulsory reserves banks must keep on non-term foreign currency deposits and on those with terms of up to 12 months has been raised from 6 percent to 7 percent. Similarly, the rate for compulsory reserves on foreign currency deposits with terms longer than 12 months was raised from 4 percent to 5 percent. Both these changes are effective from June 2011.

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