The US dollar prices at Vietnam’s commercial banks soared on August 24, getting closer to the ceiling price set by the State Bank of Vietnam (SBV).
Specifically, Vietcombank posted up the buying and selling rates for each US dollar at 22,490 VND – 22,547 VND, up 30 VND and 2 VND, respectively, against last week. The rates were 22,420 VND and 22,547 VND per US dollar at Techcombank.
Both Eximbank and Vietinbank rated each dollar at 22,547 VND on the selling side, but on the buying side Eximbank bought a US dollar at 22,450 VND, and Vietinbank at 22,490 VND.
BIDV listed each dollar at 22,470 VND to buy and 22,540 VND to sell.
Earlier, the SBV increased the average inter-bank exchange rate between Vietnam dong and US dollar applicable to August 19 by 1 percent, from 21,673 VND to 21,890 VND per USD, and widened the trading band of VND/USD from +/- 2 percent to +/- 3 percent.
Meanwhile, the prices of domestic gold slightly fell on the day to 34.7 and 35.25 million VND per tael (one tael is equivalent to 1.2 ounces) although the world price continued increasing, reaching 1,160 USD per ounce.-VNA
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 greenback rates soared in the flea market and touched a new ceiling price in commercial banks on August 13 as China devalued its currency for the third time in three days.
The SBV’s recent adjustment of the VND/USD trading band up by 1 percent is a timely and sound response to the currency market’s movement amid the Chinese yuan's sharp weakening gainst the US dollar.
Commercial banks altogether spiked the US dollar price after the State Bank of Vietnam (SBV) increased the average inter-bank exchange rate between the Vietnamese dong (VND) and the USD.
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Illustrative image (Source: VNA)
