US dollar price rises to 21200 dong on free market

The US dollar free market has started showing signs of stress as the US dollar price on this so-called black market continued to rise up to 21,200 dong/US dollar on Friday.
In this morning September 23, Thien Quy Jewelry Shop at Au Co Street, District 11, HCM City said the dollar price strongly rose 30 dong to 21,200 dong (selling) and 21,120 dong (buying).

Yesterday afternoon September 22, the dollar price of the HCM City free market already exceeded 21,000 dong/ US dollar.

A currency exchange shop in Ben Thanh Market area, said the bid and ask price of dollars stood at 21,120 and 21,170 dong. Meanwhile, a gold shop in the area of District 5, said the bid and ask dollar price stood at 21,130 -21,180 dong /US dollar.

On the Hanoi market, in the morning of September 22 , the US dollar bid price rose 30 dong to 21,080 and ask price increased 20 dong to 21,100 dong.

This morning, the State Bank of Vietnam kept the inter-bank average exchange rate unchanged for the 26th consecutive session at 20,628 dong/US dollar.

US dollar prices quoted at commercial banks remained unchanged. The selling price was still at the ceiling kept by the State Bank at 20,834 dong/dollar, while the buying price was lower by from 4 to 24 dong.

According to an economist, the exchange rate is expected to get more tense in the fourth quarter because in the last months of the year, demand for dollars to import consumer goods for Christmas, New Year and Chinese New Year often increases highly.

In addition, businesses’ US dollar loans in the first half of 2011 falling due at the end of 2011, which will make demand for dollars increase on the free market when banks cannot provide enough dollars.

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