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VietNamNews

Commercial banks lift US dollar rates

Update: June, 04/2014 - 08:56

At11am, Vietcombank added another VND40 to the dollar's selling rate, raising it to VND21,240 and was buying it for VND21,180, which was VND30 higher over Mondays last rate.— Photo vtc

HA NOI (VNS) — The US dollar prices climbed in the domestic commercial banks and in the flea market on June 3, while the gold prices dipped slightly in Viet Nam.

While the State Bank of Viet Nam (SBV), which recently made a commitment to stabilise the gold and forex markets, has kept the rate of VND21,036 for US$1 unchanged for the last 11 months, most commercial banks increased the dollar's buying and selling rates between VND30 and VND50 yesterday.

Vietcombank yesterday added another VND40 to the dollar's selling rate, raising it to VND21,220 and was buying it for VND21,160, which was VND30 higher over Monday's last rate. According to Vietcombank, the US dollar rate increased between 0.28 per cent and 0.33 per cent during the last two weeks in the bank.

The same buying and selling rates of VND21,160 and VND21,220 respectively were applied by EximBank and VietinBank. The rates were VND21,180 and VND21,200 at the Bank for Investment and Development of Viet Nam, and VND21,170 and VND21,230 respectively at the Asia Commercial Bank.

According to SBV, commercial banks were allowed to apply an effective exchange rate + or -1 per cent from the official exchange rate set by SBV. Accordingly, the ceiling price for a dollar was VND21,246.

In the flea market, traders also raised their US dollar rate compared to June 2. At the Quoc Trinh Jewellery Company in Ha Trung Street, the most popular forex spot in Ha Noi, a dollar was listed between VND21,330 and VND21,350.

On the same day, the gold price fell by VND100,000 or $4.7 for one tael from the previous day. One tael of the State-owned SJC gold was selling at VND36.28 million, or $1,727, at the Saigon Jewellery Company. On the gold trading floor, Kitco.com, the gold price dropped by $4.4 per ounce and was listed at $1,242.9 per ounce or $1,497.6 per tael. Thus, each tael of gold in Viet Nam was nearly $230 higher than in the world market. — VNS

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