Central bank supplies forex to petroleum imports

To ensure petroleum import plan, the State Bank of Vietnam (SBV) will boost the sale of foreign currencies to wholesale state-run gasoline importers.
In the final months of the year petroleum traders are expected to import 2.133 million tonnes of refined petroleum products worth about US$968.04 million.
Escalating crude oil prices has caused enormous pressure on domestic importers who must adhere to Decision 187 relating to petroleum trading. Importers are allowed to stabilise supply but those halting imports may have their business certificate revoked.
Refined oil product prices are set by the government which has said it would offset losses by importers. Petrol is no longer subsidised by the government.

 

Category: Finance