Domestic banks pull forex from US, send to safer havens
07-OCT-2008 Intellasia | Thoi Bao Kinh Te Vietnam
Oct 7, 2008 - 7:00:00 AM
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State Bank of Vietnam's Monetary Policy Department reported that Vietnam's banking operations and monetary market will remain stable and not experience big change because domestic banks have no direct relationship with US financial institutions and investment banks that announced bankruptcy or financial difficulties.
To counter the affects of the US financial crisis, the department said that local banks withdrew deposits in foreign countries and then sent the money to more prestigious money keepers in Hong Kong and Singapore.
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