Wednesday, December 12 2018

VietNamNews

Central bank may sell $4-10b to stabilise forex market: HSC

Update: July, 31/2018 - 14:21
The daily reference exchange rate was adjusted up again on July 31. — Photo VNA
Viet Nam News

HÀ NỘI — The State Bank of Việt Nam (SBV) could sell from US$4-10 billion to commercial banks this year to stabilise the foreign exchange market if necessary, HCM City Securities Corporation (HSC) forecast.

According to HSC’s latest report, after selling $2 billion in recent weeks, the SBV was closely monitoring the market and was ready to intervene again.

HSC analysts believed that the SBV would pursue a flexible policy to stop the rising US dollar/đồng exchange rate rather than reducing the rate.

HSC also kept its previous forecast unchanged that the US dollar would strengthen by 3 per cent against the đồng this year if the ICE US dollar index fluctuated at around 94-97 points and the US dollar/yuan exchange rate was set at around 6.8-7 points from now to the end of this year.

HSC noted that it would revise the forecast if one of the two above assumptions did not materialise. However, it believed that these assumptions were reasonable as the US president wanted a weak dollar and China was also aware of the consequences if the dollar/yuan exchange rate exceeded the threshold of 7 points.

The daily reference exchange rate was adjusted up again Tuesday morning, rising VNĐ10 from the previous day to VNĐ22,669 per US dollar.

With the current trading band of +/- 3 per cent, the ceiling rate applied to commercial banks during the day is VNĐ23,348 per US dollar and the floor rate VNĐ21,990 per US dollar.

The opening hour rates at commercial banks also rose compared to yesterday.

Vietcombank raised both rates by VNĐ20, listing the buying rate at VNĐ23,220 and the selling rate at VNĐ23,300.

The rates at BIDV went up VNĐ35 to VNĐ23,240 (buying) and VNĐ23,320 (selling).

At Techcombank, the greenback is being bought for VNĐ23,220 and sold at VNĐ23,320, both up VNĐ30 from yesterday. — VNS  

 

 

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