Banks significantly decrease the central USD and VND rate

                                                                   Photo: Duc Anh

The State Bank will control the USD and VND rates.

Banks significantly decrease the central USD and VND rate.

The central USD and VND rate as announced by The State Bank is VND22,197 per $1, which is VND1 ($0.00004) less than last week’s rate.

In January, as the Tet holidays drew closer, the value ot the US dollar continued to increase as compared to that of the VND. However, on the first working day after  the Tet holidays, the central rate decreased.

Meanwhile, local banks decreased the exchange rate between the US dollar and the VND significantly. The trade prices of Vietcombank and VietinBank respectively are VND22.565 per $1 and VND22,635 per $1, down VND20 ($0.008) and VND25 ($0.0011) compared to last Saturday’s price.

For its part, BIDV keeps the exchange rate at a level from  VND22,560 to VND22,630 per $1.

ACB listed its buying rate at VND22,540 and selling rate at VND22,630 per $1, falling  VND20 ($0.008) for buying and VND30 ($0.0013) for selling. Eximbank was trading at VND22,520 to VND22,620 per $1, down VND40 ($0.0017) compared to last week.

DongABank’s rate fell by VND20 for buying but didn’t change their selling price. The current price is VND22,560 to VND22,660 per $1.

The central exchange rate increased sharply and rapidly while the central USD rate in the interbank market continued to fall rapidly. Various trade sessions are under the buying price of the State Bank.

On the market transactions between commercial banks and businesses, the last day before the holiday, the rate of USD and VND has rebounded about VND30 ($0.0013), commonly sold at VND22,630 per USD. This rebound has been happening for many years on the last trading day before the holidays.

It means foreign exchange markets seem to increasingly adapt to exogenous shocks.

The State Bank stated that they will control the central USD and VND rates as last time.

They will closely monitor the situation and be ready to respond to changes in the market.

by Hai Van / VET