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Forex rate tumbles after State Bank announcement

Update: July, 11/2014 - 08:52

Commercial banks rate down US dollar prices on July 10.

HA NOI (VNS) — The US dollar prices in commercial banks fell sharply yesterday after the State Bank of Viet Nam announced that the domestic currency market was still stable.

Accordingly, most of the commercial banks rated down their prices of the US dollar. The buying price of the dollar fell by VND70 and the selling price by VND90 in the local market.

In the morning session, the commercial banks of Vietcombank, BIDV and VietinBank ACB listed their dollar buying rate at VND21,160 and VND 21,185, and the selling rate between VND21,250 and VND21,230.

On the same day, SBV kept the US dollar's exchange rate at VND21,246, unchanged from its new rate since June 19. The central bank also set the ceiling price for a dollar at VND21,458.5, which commercial banks were allowed to apply as an effective exchange rate, +-1 per cent.

In the flea market, the US dollar's buying and selling rates were VND21,230 and VND21,260 respectively.

Two days ago, the central bank released the preliminary report on the currency market in the first six months. The report said that after the new rate was applied on June 19, the forex rate has stabilised and the market liquidity has been stable. The report also said that credit rose by 3.52 per cent, while the forex reserves hit a record US$35 billion.

It also said that dollarisation continued to decline. By the end of June 2014, the rate of foreign currency deposits to total means of payment was only about 11.4 per cent, down from about 12.4 per cent at the end of 2012-2013. — VNS

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