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Banks can't skirt forex band with derivatives: SBV   2009-03-19 - Reuters

Vietnam's central bank said on Wednesday commercial banks could not use derivatives to trade dollar/dong on the spot interbank market in order to skirt the currency's official trading band.

The State Bank of Vietnam several months ago banned the use of third currencies to circumvent the band, which stands at +/- 3% around a midpoint set each day by the central bank. It said on Wednesday it planned to step up monitoring.

Bankers say that in practice some traders have been using currency options and other methods to trade dollar/dong outside the band, at a rate that many see as more market-oriented.


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