Oct 5: Vietnam central bank raises dollar exchange first time in over 1 month to vnd20,638

Vietnam’s central bank raised the U.S. dollar’s exchange rate by VND10 to VND20,638 on Wednesday after keeping it unchanged for 35 straight working days.

Commercial banks are allowed to apply effective exchange rate +/-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND20,844.

Commercial banks followed suit, adjusting up dollar prices by around VND10 to VND20,800 –VND20,830 for bids and the ceiling VND20.844 for ask.

Dollar Price Quote for October 5, 2011

Bank	Bid	Changes	Ask	Changes
Vietcombank	20,840	10	20,844	10
ACB	20,820	10	20,844	10
Eximbank	20,820	10	20,844	10
BIDV	20,830	10	20,844	10
Sacombank	20,820	20	20,844	10

Dollar prices at the gold shops in Hanoi were last trading at VND21,430-21,500 for bid and ask respectively, rising VND100 from yesterday close, and VND656 higher than the official ceiling rate.

Analysts said dollar exchange rate faces certain pressure in the last months of the year on seasonal factors due to high import demand before lunar Tet holiday, and contract settlement.

Source Ruby/ News Writer/ StoxPlus

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Oct 5 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry