Vietnam finally considers allowing foreigners to put cash in banks

The idea is aimed at preventing speculation and keeping money in the country.

Vietnam’s central bank is looking at a proposal to allow banks to accept deposits from foreigners in an attempt to reduce the risk of cash speculation.

The State Bank of Vietnam's proposal includes foreigners who are visiting, studying or working in Vietnam, and would allow them to deposit Vietnamese dong or foreign currencies at commercial banks in Vietnam.

It said the new rule would guarantee more rights for non-residents in Vietnam and prevent cash speculation.

Experts said that if the proposal is approved, it would be a big step forward in the age of global migration becasue it would keep money in the country.

The central bank cut deposit rates to 4.25 percent from 4.5 percent this month for the first time in three years.

(Source: Vnexpress.net)