The US dollar and Vietnamese dong exchange rate eased further onNovember 27 after the State Bank of Vietnam (SBV) pledged to selldollars.
The Bank for Investment and Development of Vietnam onNovember 27 quoted the dollar at 21,380 VND to 21,400 VND while theVietnam Technological and Commercial Bank (Techcombank) quoted thedollar at 21,350 VND to 21,400 VND, a 10 VND decline from the previousday for both banks.
Asia Commercial Bank and Export and ImportCommercial Bank also reduced their selling rates by 35 VND to 21,350 VNDand their buying rates by 2 VND to 21,398 VND.
SBV DeputyGovernor Nguyen Thi Hong on November 19 told news website VnExpress thatto stabilise the forex market, the SBV had announced it would selldollars to commercial banks and was consulting the banks on theirdemands, which would be readily met if necessary.
The commercialbanks' exchange rate had continuously fluctuated since early this monthand hit the highest rate in five months at 21,420 VND on November 19.
NguyenThanh Toai, ACB Deputy General Director, said his bank had also askedthe SBV for the dollar purchase, but he did not reveal the figures.
Toaiattributed the devaluation of the dollar against the dong to higherdemands at year-end. However, he said, the dollar supply in the bankingsystem could meet demand.
Banks have almost met the dollardemands of export and import companies, provided that they complied withthe necessary requirements, Toai added.
Exporters and importers have also affirmed that commercial banks have met their dollar demands.
Trinh Xuan Lam, Director of the Tien Du Garment Export Company, said many banks have offered to buy dollars from his company.
TheSBV said the country's dollar supply and demand resources remainedstable to date, with foreign exchange reserves of 35 billion USD and apayment balance surplus of 11 billion USD.-VNA
The Bank for Investment and Development of Vietnam onNovember 27 quoted the dollar at 21,380 VND to 21,400 VND while theVietnam Technological and Commercial Bank (Techcombank) quoted thedollar at 21,350 VND to 21,400 VND, a 10 VND decline from the previousday for both banks.
Asia Commercial Bank and Export and ImportCommercial Bank also reduced their selling rates by 35 VND to 21,350 VNDand their buying rates by 2 VND to 21,398 VND.
SBV DeputyGovernor Nguyen Thi Hong on November 19 told news website VnExpress thatto stabilise the forex market, the SBV had announced it would selldollars to commercial banks and was consulting the banks on theirdemands, which would be readily met if necessary.
The commercialbanks' exchange rate had continuously fluctuated since early this monthand hit the highest rate in five months at 21,420 VND on November 19.
NguyenThanh Toai, ACB Deputy General Director, said his bank had also askedthe SBV for the dollar purchase, but he did not reveal the figures.
Toaiattributed the devaluation of the dollar against the dong to higherdemands at year-end. However, he said, the dollar supply in the bankingsystem could meet demand.
Banks have almost met the dollardemands of export and import companies, provided that they complied withthe necessary requirements, Toai added.
Exporters and importers have also affirmed that commercial banks have met their dollar demands.
Trinh Xuan Lam, Director of the Tien Du Garment Export Company, said many banks have offered to buy dollars from his company.
TheSBV said the country's dollar supply and demand resources remainedstable to date, with foreign exchange reserves of 35 billion USD and apayment balance surplus of 11 billion USD.-VNA
