The central bank said that foreign currency transactions should only be conducted at commercial banks or foreign bank branches licensed to operate in foreign exchange services. — VNA/VNS Photo

HÀ NỘI — The State Bank of Vietnam has urged individuals and businesses to only conduct foreign currency transactions through licensed institutions, warning against informal trading channels amid rising risks of counterfeit foreign exchange and legal violations.

The warning was issued as counterfeit foreign currency circulation becomes increasingly complicated.

The central bank said that foreign currency transactions should only be conducted at commercial banks or foreign bank branches licensed to operate in foreign exchange services, as well as registered foreign exchange agents approved by the central bank.

It warned against buying, selling or exchanging foreign currency between individuals or through unlicensed organisations because of counterfeit currency risks and legal violations.

The central bank also advised the public not to continue using, circulating or transferring suspected counterfeit foreign currency, and to report such cases to Hà Nội police or nearby credit institutions for verification and handling.

Proactive prevention of counterfeit foreign currency helps protect the assets of individuals and businesses, while contributing to monetary security and stability in the foreign exchange market, the regulator said. — VNS