The State Bank of Vietnam (SBV) has widened the trading band of Vietnamese dong/ US dollar (VND/USD) from +/- 1 percent to +/-2 percent, applicable from August 12 onwards.
The State Bank of Vietnam (SBV) has widened the trading band of Vietnamese dong/US dollar (VND/USD) from +/- 1 percent to +/-2 percent, applicable from August 12 onwards.
With the average inter-bank VND/USD exchange rate adjusted to 21,673, the ceiling exchange rate is now 22,106 VND/USD and the floor rate is 21,240 VND/USD.
This is the third time this year the SBV has adjusted the average inter-bank VND/USD exchange rate.
Previously, the central bank raised the average inter-bank rate by 1 percent from 21,246 VND/USD to 21,458 VND per USD on January 27 and increased it again to 21,673 VND/USD on May 7 to ensure the VND’s stability following movements in domestic and international financial markets.
The yuan devaluation by 1.9 percent on August 11, the biggest loss in two decades, negatively impacted dozens of Asian currencies, including Vietnam’s.-VNA
The State Bank of Vietnam (SBV)’s selling and purchasing prices were officially set at 21,350 VND and 21,600 VND to one US dollar on January 12, up 150 VND and 200 VND respectively.
Experts said the State Bank of Vietnam (SBV) will succeed in keeping the VND-USD exchange rate from fluctuating to below 2 percent this year.
Some have been concerned that the continuing sharp fall in prices of oil, which is one of Vietnam's key exports, will negatively impact on foreign currency supply and demand.
The word "belief" has cropped up often during the recent months when one talks about the monetary market and the management policies by the State Bank of Vietnam (SBV). The central bank has adopted a series of measures, as well as made explicit moves to stabilise the market, but a number of people still worry if the policies have been able to lay the foundation for market stability in the future. The Vietnam News Agency spoke to the Deputy Governor of the SBV, Nguyen Thi Hong, about this issue.
The State Bank of Vietnam (SBV) will not adjust the Vietnamese dong-US dollar exchange rate despite an increase in the price of USD on the world market, SBV Deputy Governor Nguyen Thi Hong said to the Vietnam News Agency on March 25.
Experts have urged the central bank to apply the crawling peg - an exchange rate regime that allows depreciation or appreciation to happen gradually - to help firms develop appropriate business plans.
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SBV widens VND/USD trading band. (Photo: VNA)
