HA NOI(VNS)— The Ha Noi People's Committee has instructed the city's authorised bodies to regulate and stabilise the foreign exchange market in city areas.
The instruction was delivered in a dispatch sent to the State Bank's branch in Ha Noi on Wednesday.
Vice Chairman of the City People's Committee Nguyen Huy Tuong said that after Tet, the local gold and foreign exchange market has been very volatile and predicted that the exchange rates in the black market and commercial banks are likely to rise strongly.
He attributed the increase as the main reason behind some experts calling for the country to devalue the dong so as to support exports, and added that unfounded rumours have caused fluctuations in the market.
To enhance co-ordination and control gold and foreign currency trading in the city, leaders of the Ha Noi People's Committee have asked the State Bank's branch in Ha Noi to conduct inspections of gold and foreign currency trading and crackdown on any illegal activity in border areas.
The branch will report to the State Bank of Viet Nam (SBV) monthly and quarterly to improve the level of supervision.
The domestic market yesterday saw a decrease of the buying and selling price of the US dollar, both in commercial banks and on the black market. Most selling prices fell below VND21,000 per US dollar.
The buying and selling prices listed at Vietcombank yesterday dropped strongly to VND20,900 and VND20,960, respectively.
At BIDV Bank, the buying/selling value of the US dollar was VND20,920-20,970.
According to the State Bank of Viet Nam, the average inter-bank exchange rate yesterday continued to stand at VND20,828 per US dollar. The ceiling exchange rate in commercial banks is VND21,036. — VNS