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Banks raise U.S. dollar selling prices
The Saigon Times Daily
Friday,  Mar 23, 2018,22:19 (GMT+7)

Banks raise U.S. dollar selling prices

The Saigon Times Daily

HCMC – Commercial banks on March 22 revised up the selling price of the U.S. dollar, even exceeding VND22,800, after the U.S. Federal Reserve (Fed) raised interest rates on Wednesday, news site VnEconomy reports.

The Bank for Foreign Trade of Vietnam (Vietcombank) sold a U.S. dollar at VND22,815, way above VND22,805 on the previous day. Meanwhile, the prices are VND22,820 and VND22,839 at Vietnam Technological and Commercial Joint Stock Bank (Techcombank) and Saigon Thuong Tin Commercial Bank (Sacombank) respectively.

The difference between the buying and selling prices of U.S. dollars quoted by commercial banks remains stable at VND70-80.

On the interbank market, the U.S. dollar price has surged after the Lunar New Year holiday and has been much higher than the buying price of the State Bank of Vietnam (SBV) Operations Center.

Particularly, the SBV Operations Center has bought a U.S. dollar at VND22,700 while the price on the interbank market is VND80 higher.

Such fluctuations of the greenback have impacted on the interbank market, where the annual interest rate for overnight loans in Vietnam dong has plunged to 0.9% while the rate for U.S. loans remains over 1.6%.

The Fed’s decision to hike interest rates for the first time this year and its plans for more rate hikes in the coming time can affect the U.S. dollar-Vietnam dong exchange rate.

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