SBV raises interbank average US dollar exchange rate by 1 percent

The State Bank of Vietnam on May 7 announced that an increase of 1 percent in the interbank average US dollar exchange rate by VND21,673 per dollar from VND21,458 per dollar will take effect immediately.
 
With a range of +/- 1 percent compared to the interbank average exchange rate, the highest rate will be VND21,890 per dollar, and the lowest will be VND21,456 per dollar.
 
According to the central bank, since the beginning of 2015, the central bank has planned to adjust the dollar exchange rate within a range of 2 percent this year. It raised the interbank average US dollar exchange rate by 1 percent from VND21,246 to VND21,458 on January 7 in order to hold the initiative in leading the market in accordance with movements in domestic and global fiscal markets and create stability for foreign currency market.
 
After the adjustment, tension on foreign currency market was eased with exchange rate dropping rapidly to a lower steady level and better liquidity.
 
On the previous day, the dollar exchange rates listed at commercial banks showed a strong increase with Eximbank and Techcombank applying the highest rate of VND21,610 for buying and VND21,673 for selling.
 
BIDV, Vietinbank, and Vietcombank all sold dollars at VND21,670 per dollar.

By Ham Yen, Hanh Nhung – Translated by Thuy Doan

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