Hanoi, (VNA) – The StateBank of Vietnam set the daily reference exchange rate at 23,067 VND per USD onMay 29, up 3 VND from the previous day (May 29).
With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is23,759 VND per USD and the floor rate at 22,375 VND/USD.
The opening hour rates atcommercial banks saw slight rises from May 29.
At 8:15am, Vietcombank listedthe buying rate at 23,350 VND/USD and the selling rate at 23,470 VND/USD, bothup 10 VND from May 29.
BIDV added 15 VND to both rates,listing the buying rate at 23,350 VND/USD and the selling rate at 23,470 VND/USD.
Techcombank also raised bothrates by 10 VND to 23,325 VND/USD (buying) and 23,465 VND/USD (selling).-VNA
The State Bank of Vietnam (SBV) bought 8.35 billion USD from credit institutions between the beginning of this year and April 17 to build up the nation’s foreign reserve.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has affirmed that the SBV will direct monetary policy in a proactive, flexible, and cautious manner, and in harmony with fiscal and other macro-economic policies to curb inflation, maintain macro-economic stability, and fuel economic growth.
The reference exchange rate and exchange rates of commercial banks have increased continuously in recent days, with the reference exchange rate making its record high on May 8 at 23,046 VND. However, economists said that there is nothing to worry about this situation.
The monetary market’s liquidity has remained stable and foreign currency supply and demand are relatively balanced amidst the uptrend of USD/VND exchange rates over the last few days, an official from the State Bank of Vietnam (SBV) has assured.
The foreign exchange market in Vietnam has heated up recently when the daily reference exchange rate set by the State Bank of Vietnam (SBV) continuously climbed to new record levels and the VND/USD rates listed at commercial banks also surged.
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Illustrative image (Photo: VNA) 
