Lately, the buying price of the US dollar was also raised by VND6 per dollar by the Operations Center of SBV. The operator is supposed to take advantage of favorable market conditions to buy in the US dollar, increasing foreign-exchange reserves. Last year, the reference exchange rate gained 1.45 percent in total while exchange rate on interbank market as well as free foreign exchange market surged roughly 2.38 percent and exchange rates at commercial banks climbed 2.16 percent. The US dollar exchange rate against the Vietnamese dong increased mainly because the US Federal Reserve had raised its benchmark interest rate for four times to 2.25-2.5 percent per annum. In addition, some other foreign currencies had devalued by 2.5-10 percent compared to the US dollar. Of which, the Chinese renminbi depreciated up to 10 percent. However, exchange rates at commercial banks have been calm since the beginning of the year. At Vietcombank, the exchange rate closed at VND23,150-VND23,250 per … [Read more...] about SBV increases reference exchange rate, foreign-exchange reserves
Sonali bank foreign exchange rate
Central bank’s exchange rate hits highest level in months
Viet Nam News HÀ NỘI — The central bank’s daily reference exchange rate of the US dollar against the Vietnamese đồng has been adjusted up slightly in recent sessions, pushing it to the highest level since early this year. On Monday, the central bank appreciated the value of the dollar against the đồng by VNĐ5 over last Friday to VNĐ22,755 per dollar, the highest rate since January 2018. On Tuesday, the central bank kept the rate unchanged. With the current trading band of +/- 3 per cent, the ceiling rate applied by commercial banks for Tuesday is VNĐ23,437 per dollar and the floor rate is VNĐ22,073 per dollar. At commercial banks, the price of the dollar saw decreases on Tuesday. Vietcombank posted VNĐ23,260-23,350 per dollar for its buying and selling rates, down by VNĐ15 from Monday. At BIDV, the buying and selling rates were VNĐ23,255-23,345 per dollar, down by VNĐ45. Techcombank cut the … [Read more...] about Central bank’s exchange rate hits highest level in months
VN exporters cope with foreign exchange rate fluctuation
As the exchange rate between USD and Vietnamese dong has surged in the past two months, exporters are eager for extra profits they can earn for each batch of goods. However, importers will have to pay more for their goods. Each year, Aprocimex, a company operating in agriculture sector, has to import nearly 25 million USD worth of goods for manufacturing materials, therefore foreign exchange rate fluctuations are a huge concern. Despite rapid increases in the exchange rate with about 1.6 percent since June, the company has not been affected by the fluctuation as it has prepared its financial plan. Doan Trong Ly, Chairman of Aprocimex Import-export and food processing Joint Stock Company said: "Reasonably high or low exchange rate will not effect enterprises, but if it varies from 2- 3 percent then enterprises have to recalculate their financial resources." Importing nearly 1.3 million USD worth of materials, Viettrust JSC, however, estimated it may suffer a loss of nearly 22,000 … [Read more...] about VN exporters cope with foreign exchange rate fluctuation
Exporters cope with foreign exchange rate fluctuation
As the exchange rate between USD and Vietnamese dong has surged in the past two months, exporters are eager for extra profits they can earn for each batch of goods. However, importers will have to pay more for their goods. Each year, Aprocimex, a company operating in agriculture sector, has to import nearly 25 million USD worth of goods for manufacturing materials, therefore foreign exchange rate fluctuations are a huge concern. Despite rapid increases in the exchange rate with about 1.6 percent since June, the company has not been affected by the fluctuation as it has prepared its financial plan. Doan Trong Ly, Chairman of Aprocimex Import-export and food processing Joint Stock Company said: "Reasonably high or low exchange rate will not effect enterprises, but if it varies from 2- 3 percent then enterprises have to recalculate their financial resources." Importing nearly 1.3 million USD worth of materials, Viettrust JSC, however, estimated it may suffer a loss of nearly … [Read more...] about Exporters cope with foreign exchange rate fluctuation
Volatility returns to foreign exchange rates
Vietcombank decided to reduce the dong’s value by VND45, setting its dollar buying rate at VND22,820 and selling price at VND22,890.— Photo ndh.vn On May 29 the State Bank of Viet Nam adjusted the dong-US dollar exchange rate, weakening the Vietnamese currency by VND9 to VND22,605 per dollar, which represented the greenback’s biggest rise so far this year. Following the central bank’s move, many banks immediately adjusted their exchange rates. Vietcombank decided to reduce the dong’s value by VND45, setting its dollar buying rate at VND22,820 and selling price at VND22,890. The exchange rate on the open market stood at VND23,000 to the dollar. But on the following day (May 30) the dollar lost value. Eximbank cut its buying and selling rates by VND50 to VND22,770 and VND22,860, and Vietcombank by VND35 to VND22,785 and VND22,855. The SBV reduced the interbank exchange rate by VND15 to VND22,590 per dollar. The sharp fluctuations belied the predictions of … [Read more...] about Volatility returns to foreign exchange rates