Tuesday, March 19 2019

VietNamNews

Vietnamese đồng given stable outlook

Update: March, 12/2019 - 15:46
The đồng is forecast to be supported by a positive outlook for foreign inflow. - VNA/VNS Photo
Viet Nam News

HÀ NỘI — The Vietnamese đồng would be steady next months, buoyed by positive foreign inflow and reasonable gap between interest rates of the đồng and the US dollar as well as the stability of the Chinese renminbi, experts said.

According to analysts from the Saigon Securities Inc, the đồng’s stability will be supported as outlook of the country’s disbursement of foreign direct investment (FDI) and foreign indirect investment (FII) capital is optimistic. In the first two months of the year, foreign investors have poured US$8.47 billion into Việt Nam, 2.5 times higher than the same period of last year, data from the Foreign Investment Agency under the Ministry of Planning and Investment showed.

Meanwhile, the interest rate’s gap between the đồng and the dollar was maintained at reasonable levels of 1.5-1.7 per cent per year, the analysts said.

SSI reports also showed the State Bank of Việt Nam has net bought the dollar to date this year to build up the country’s foreign reserves. Earlier, SBV data showed after buying $6 billion last year, it continued purchasing another $4 billion in the first two months of this year thanks to the available US dollar supply in the domestic market.

On Tuesday, SBV set the daily reference exchange rate at VNĐ22,949 per dollar, down VNĐ1 from the previous day. With the current trading band of +/- 3 per cent, the ceiling rate applied to commercial banks during the day is VNĐ23,636 per dollar and the floor rate VNĐ22,262. 

Commercial banks meanwhile kept their rates steadily on Tuesday’s morning.

Vietcombank and BIDV listed the rate unchanged from Monday at VNĐ23,150 per dollar for buying and VNĐ23,250 for selling.

The rates at Techcombank also stayed unchanged at VNĐ23,130 for buying and VNĐ23,250 for selling. — VNS

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