Vietnam banks raise USD prices as c.bank halts intervention
After the central bank signaled it will cease intervention in the local forex market, local commercial banks promptly raised the USD/VND exchange rate by nearly 1%.
Local commercial banks immediately reacted after the State Bank of Vietnam (SBV), the country's banking authority, on July 23 increased the USD selling price by nearly 1% to VND23,273 from the previous of VND23,050, after quoting the selling prie of the greenback lower than that of the market three weeks ago.
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Specifically, the USD buying and selling prices at Vietcombank stood at VND23,150 and VND23,220, respectively, up VND130 for each compared to the opening hour quote.
The same prices were reported at state-run Vietinbank and BIDV. Vietinbank increased VND129 for both selling and buying prices, and BIDV VND135.
Meanwhile, the USD prices also went up at joint stock commercial banks, increasing by VND155 in buying and VND175 in selling for Techcombank to VND23,170 - 23,270, and DongA Bank with VND140 in buying and VND160 in selling to VND23,160 - 23,250.
The USD/VND exchange rates at Eximbank and ACB stood at VND23,150 - 23,240 and VND23,150 - 23,230, respectively, both increasing by VND 130 and VND150 in buying and selling prices.
The SBV reduced the benchmark rate this morning by VND14 to VND22,644 compared to last weekend. With the maximum fluctuation rate of 3%, the price ceiling and floor applied by commercial banks for today will be VND23,323 and VND21,965, respectively.
Despite strong volatility in the main market, the selling price in the free market remains stable, hovering around VND23,320 - VND23,330 a dollar.
Over the last week, the State Bank of Vietnam (SBV) has sold nearly US$2 billion at soft prices to commercial banks in order to increase supply in the foreign exchange market and stabilize the USD/VND exchange rate.
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