More banks lower US dollar price

Three big banks Saturday continued to decrease the price of the US dollar due to rising supply from exporters and dollar hoarders.

Vietnam Export-Import Bank (Eximbank) decreased the US dollar price by 20 dong to 20,780 dong a dollar, while the price of the greenback at two other big banks, the HCM City-based branch of Vietcombank and ACB, were 20,830 dong a dollar and 20,790 dong a dollar respectively.

Dollar supply is on a rise since the ceiling dollar interest rate have fallen back to 3 percent, which worn off the attractiveness of holding the greenback.

Due to the recent strong rate reduction on too strong, the bank also lowered the price to buy low-dollar liquidity to prevent risks.

The banks said people still push to sell dollars to banks since the bank’s purchase price is around 10-60 per dollar higher than that offered by gold shops.

The precious metal were traded at $ 1,507.7 an ounce by the end of the week, but the domestic gold price declined by 10,000 dong per tael, sold at 37.57 million dong, due to the dollar devaluation against the dong.

Gold shops have widen the gap between the bid and ask price up to 200,000 dong per tael but only saw a few successful transactions. – Tuoitre

Tags: US dollar price, Vietnam banking industry, Vietnam finance, Vietnam financial