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Vietnam gets tough on black market currency trade

Vietnam is cracking down on unauthorised trading in US dollars in an effort to bolster the country’s dwindling foreign reserves and restore confidence in the local currency, the latest attempt to bring some stability to the Southeast Asian economy.

Authorities in Hanoi said they will enforce longstanding but frequently flouted laws banning the use of the dollar to pay for goods and services, while the central bank said it would sharply increase fines for those violating the regulations – which also prohibit exchanging Vietnamese dong for dollars and other currencies on the black market.