Tuesday,  Sep 25, 2018,06:02 (GMT+7) 0 0
SBV revises down exchange rate
The Saigon Times Daily
Monday,  Aug 20, 2018,19:06 (GMT+7)

SBV revises down exchange rate

The Saigon Times Daily

The State Bank of Vietnam has revised down the central exchange rate between the U.S. dollar and the Vietnamese dong - PHOTO: THANH HOA

HCMC – The State Bank of Vietnam (SBV) today, August 20, announced the central exchange rate between the U.S. dollar and the Vietnamese dong at VND22,684 per dollar, VND5 lower than the rate in the trading session last weekend, according to the local media.

The rate today was also down by VND7 compared with the record high of last week.

Bank for Foreign Trade of Vietnam (Vietcombank) quoted the buying and selling prices of the U.S. dollar at VND23,245 and VND23,325, respectively, down by VND10 per dollar over last weekend and VND42 per dollar against the high rate of last week.

At Vietnam Export Import Commercial Bank, a U.S. dollar was bought at VND23,240 and sold at VND23,320, VND5 lower than the rate at Vietcombank.

Saigon Thuong Tin Commercial Bank bought a U.S. dollar at VND23,237 and sold it at VND23,315. The selling price plunged by VND37 per dollar versus the record high of last week.

Meanwhile, the price on the informal market in HCMC was VND23,580 per U.S. dollar for selling and VND23,650 per dollar for buying, plummeting by VND30 over last weekend and VND50 compared with the record high of last week.

Since early this year, the value of the U.S. dollar on the informal market has increased by 4%, while commercial banks have revised the exchange rate upward by 2.5%. The central exchange rate has gone up by 1.24% as well.

In a recent report on the performance of banks, SBV noted that its monetary policy would be oriented towards stabilizing the foreign currency market.

Meanwhile, the global gold price was stable at US$1,185 per ounce.

Enterprises in HCMC are buying gold at some VND36.62 million per tael and selling it at VND36.78 million per tael. A tael of gold is equal to 1.2 troy ounces.

One tael of gold (1.2 troy ounces) in Vietnam costs some VND3.5 million more than it does on the global market.

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