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Dollar rises as FX policy remains unadjusted

Update: December, 10/2013 - 09:13
Vietcombank late last week traded one US dollar at VND21,130/21,170, a remarkable move compared to rates of VND21,080/21,120 early this month. The currency strengthened by as much as VND50 per dollar in one day.— Photo baohaiquan

HA NOI (VNS)  — Despite central bank policies to keep the dong foreign exchange rate against the US dollar unchanged through 2013, the greenback currency has crept up over the past week.

Vietcombank late last week traded one US dollar at VND21,130/21,170, a remarkable move compared to rates of VND21,080/21,120 early this month. The currency strengthened by as much as VND50 per dollar in one day.

Yesterday's rate on the black market was quoted at VND21,180/21,200. "Trading keeps busy as people expect a FX adjustment in coming months," said a FX official at a Ha Noi-based company who asked to remain unnamed.

Responding to market moves, central bank's Deputy Governor Le Minh Hung confirmed that there would be no adjustment until the year-end.

Hung said that the supply and demand of foreign currencies was stable because of sufficient sources. In November, the country enjoyed an estimated trade surplus of $50 million and gained $7.2 billion in account balance of payments by the end of Q3, equivalent to 4 per cent of GDP. The account balance of payments is expected to reach $2.5-3 billion by year-end. Moreover, FX tradings were stable. "It's to understand that the FX moves in recent days have been rooted in speculative rumours of FX adjustments and assessments presented in the macroeconomic report by the National Financial Supervisory Committee," Hung said. — VNS

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