Banks cut the USD/VND exchange rate by some 15-40 VND per USD on December 28 (Photo: VNA) Hanoi (VNS/VNA) - Commercial banks have consecutively lowered the value of the US dollar against the Vietnamese dong during the final days of 2018, helping the USD/VND exchange rate close the year under control. The exchange rate at commercial banks dropped sharply over three days since December 26, pushing the rate below the threshold of 23,300 VND per dollar, the lowest level since September 21 this year. On December 28 alone, banks depreciated the dollar against the VND by some 15-40 VND per USD. The decline was notable especially when the central bank consecutively raised the daily reference USD/VND exchange rate. On the last working day of 2018, the State Bank of Vietnam (SBV) continued to adjust the rate upwards by 20 VND to 22,825 VND/USD. With the current trading band of /- 3 percent, commercial banks were allowed to sell the dollar at the cap of 23,509 … [Read more...] about USD/VND exchange rate remains under control in 2018
Stable exchange rate
Vietnam advised to apply flexible policies on exchange rate
Illustrative image (Source: LienVietPostBank) Hanoi (VNA) – The US-China trade war and the fall in the Chinese Yuan post big impacts for the world economy, including Vietnam. Some experts have said Vietnam should employ flexible exchange rate policies in response. A recent report from the Vietnam Institute for Economic and Policy Research (VERP) under the Hanoi National University noted that the US and China are two trade partners of special importance of Vietnam. The US is Vietnam’s largest export market where one fifth of total export revenue comes from, while a quarter of imported goods to Vietnam are from China, according to the report. Currently, the VND price depends on the fluctuation of the USD. When the Chinese Yuan’s price drops, the trade balance of Vietnam will be seriously affected as cheaper Chinese goods will flood the domestic market. Nguyen Duc Thanh, VERP Director said Vietnam should pursue flexible policies on exchange rate, which means the … [Read more...] about Vietnam advised to apply flexible policies on exchange rate
Reference exchange rate up 17 VND on April 27
The daily reference exchange rate on April 27 is set at 22,539 VND/USD. (Photo: hanoimoi.com.vn) Hanoi (VNA) - The State Bank of Vietnam continued to raise the daily reference exchange rate on April 27, setting it at 22,539 VND/USD, up 17 VND from April 26. With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,232 VND/USD and the floor rate 21,788 VND/USD. Meanwhile, the opening hour rates at major commercial banks stayed stable or dropped slightly. BIDV kept both rates unchanged from April 26, listing the buying rate at 22,735 VND/USD and the selling rate at 22,805 VND/USD. Vietinbank also maintained the same rates as on April 26, at 22,732 VND/USD (buying) and 22,802 VND/USD (selling). Meanwhile, Vietcombank cut both rates by 5 VND, with the buying rate today standing at 22,730 VND/USD and the selling rate at 22,800 VND/USD. The daily reference exchange rate has been on an upward trend this week, rising from … [Read more...] about Reference exchange rate up 17 VND on April 27
Stable interest and exchange rates forecast for 2018
(VEN) - Macroeconomic developments and the impact of the international financial market signal a low probability of lower interest rates in 2018. At the same time, stable exchange rates and a high trade surplus are forecast for the year. Difficulties for lowering interest rates A recent government resolution requires the State Bank of Vietnam (SBV) to strive for lowered interest rates. However, according to economists, this goal can only be achieved with the support of macroeconomic developments and the international financial market. Dr. Tran Du Lich, a member of the Prime Minister’s Economic Advisory Group, said the Vietnamese economy would undergo positive changes in 2018. This assessment is based on an estimated GDP growth of more than 7.1 percent in the first quarter of the year. Regarding interest rate policy, in order to force interest rates down and expand lending, rediscount must be increased, lending activities intensified and inflation controlled. “To some … [Read more...] about Stable interest and exchange rates forecast for 2018
Reference exchange rate kept unchanged on April 12
Illustrative image (Source: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 22,477 VND/USD on April 12, unchanged from the previous day. With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,155 VND/USD and the floor rate 21,711 VND/USD. The opening hour rates listed at major commercial banks also stayed stable. Vietcombank and BIDV maintained their rates at the same levels as on April 11, at 22,755 VND/USD (buying) and 22,825 VND/USD (selling). Vietinbank reduced both rates by 2 VND, listing the buying rate at 22,752 VND/USD and selling rate at 22,822 VND/USD.-VNA … [Read more...] about Reference exchange rate kept unchanged on April 12