Sep 28: Vietnam central bank holds dollar exchange rate at vnd20,628

Vietnam’s central bank set the U.S. dollar’s exchange rate at VND20,628 on Wednesday, unchanged for 30 straight working days.

Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, hence, the ceiling price for a dollar today was VND20,824.

Commercial banks also kept their dollar prices quote unchanged, selling dollar at the ceiling VNd20,834 and buying dollar at VND20,790- 20,830.

Dollar Price Quote for September 28, 2011

Bank	Bid	Changes	Ask	Changes
Vietcombank	20,830	0	20,834	0
ACB	20,810	0	20,834	0
Eximbank	20,810	0	20,834	0
BIDV	20,820	0	20,834	0
VIB	20,830	0	20,834	0
SCB	20,790	0	20,834	0

Dollar prices at the gold shops in Hanoi were VND20 lower than yesterday, last trading at VND21,220-21,280 for bid and ask respectively.

Premium of Vietnam gold prices narrowing to VND3.5 million/tael from previous VND4.5 million/tael helped ease dollar pressure on the black market, but it is still very high and is a threat to forex market stability, analysts concerned.

The local state-run newspaper Phap Luat TPHCM (Law, Ho Chi Minh City) quoted a gold shop owner in the city as saying that businesses in the city are hoarding dollar to illegally import gold from Cambodia on high local gold premium.

Source Ruby / News Writer/ StoxPlus

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial, Vietnam forex market