Vietnam central bank raised dollar exchange rate

The State Bank of Vietnam, the country’s central bank, adjusted up USD/VND exchange rate by VND13 to VND20,668 from Monday, hitting the 4-month high on Oct 11. The interbank USD exchange rate rose by VND38 since last Tuesday.

The USD ceiling price for ask was set at VND20,875.
Commercial banks followed suit, increasing dollar prices to around VND20,853 –VND20,870 for bids and the ceiling VND20.875 for ask.

Dollar prices at the gold shops are on the fall as they were trading about VND 21,350 yesterday, down from VND21,730 last Wednesday.

The USD exchange rates were previously kept unchanged at VND20,628 for the whole September, rose to VND20,638 on October 5, up to VND20,648 and VND20,653 on Oct 6 and 7, respectively.

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 Sophie/ News Writer/ StoxPlus

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

Posted by VBN on Oct 12 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