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SBV vows vigilance as forex, gold prices tumble

Update: May, 21/2014 - 08:34

Vietcombank's morning rate sank between VND20 and VND30 to stand at VND21,100 per dollar for buying and VND21,150 for selling.— File Photo

HA NOI (VNS) — The price of gold at commercial banks declined sharply yesterday after the State Bank of Viet Nam announced a commitment to stabilising the gold and forex market.

After the market was affected by the current East Sea dispute between Viet Nam and China, the Central Bank confirmed that the gold and forex market would continue operating normally.

Central bank leaders stressed that they continued to monitor the situation of the gold and forex market closely and were willing to take any measures needed to stabilise the market.

Yesterday, the forex rate continued to decrease by VND30-40 per dollar.

Currently, the rate is between VND21,150 and VND21,160 per dollar for selling while buying price hovers at VND21,070 to VND21,110 per dollar.

Vietcombank's morning rate sank between VND20 and VND30 to stand at VND21,100 per dollar for buying and VND21,150 for selling.

The dollar price at the Bank of Investment and Development of Vietnam (BIDV) was listed VND30-40 per dollar lower, finishing at VND21.100 and VND21.150 respectively.

VietinBank also significantly reduced its buying price. Its greenback note was listed at VND21,100 for buying and VND21,155 for selling.

Similarly, Agribank's price was VND21,095 per dollar for buying and VND21,150 for selling.

Other commercial banks such as Techcombank, ACB and Dong A Bank also reduced their buying and selling prices. However, Eximbank and Sacombank did not. Their rates for buying and selling stayed at VND21.080/VND21.160 and VND21.080/VND21,170 respectively.

The average inter-bank exchange rate was maintained at VND21,036 per dollar and the Central Bank's interest rate also hovered at VND21,100 and VND21,246.

The nation posted a 19.5 tonne increase in gold demand in Q1 this year, including 4.5 tonnes of jewelry and 15 tonnes of gold bullions with a value of US$810 million, a 5 per cent rise compared to the same period last year, according to the latest report of the World Gold Council.

Last year, the nation ranked seventh worldwide in terms of gold consumption, importing 92.2 tonnes of gold worth $4.16 billion. — VNS

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