Sep 30: Vietnam dollar exchange rate stands at vnd20,628 for over 1 month

Vietnam’s central bank set the U.S. dollar’s exchange rate at VND20,628 on Friday, unchanged for 32 straight working days, longest string since it was introduced this year.

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 VND20,824.

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 30, 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
Sacombank	20,800	0	20,834	0

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

Premium of Vietnam gold prices staying high at VND3.5 million/tael is still a threat to forex market stability, analysts concerned.

The State Bank of Vietnam (SBV) sold out 150 million dollars (VND3,000 billion) from Sept 26-29  to stabilize the USD/VND exchange rate, the Thoi Bao Kinh Te Sai Gon (the Saigon Times) reported.

The central bank, in a meeting with commercial banks on Sept. 7, said it would try to keep the exchange rate steady within 1% band to the end of this year, and that it would interfere to ensure exchange rate stability if needed.

Earlier, the central bank also sold USD1.5 billion in three week from mid August to support the dong.

Source Ruby/ News Writer/ StoxPlus

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