US dollar continues climbing, liquidity ensured

Commercial banks on March 23 continued to increase US dollar exchange rate by VND40-60 per dollar over last weekend.
Vietcombank listed dollar buying price at VND21,490 per dollar, up VND50, and selling price at VND21,550 per dollar, up VND40.
VietinBank bought dollars at VND21,495 per dollar and sold at VND21,555 per dollar, an increase of VND50 and VND40 per dollar respectively.
Eximbank lifted the rate to VND21,500 per dollar for purchasing and to VND21,560 per dollar for selling, up VND60 and VND40 per dollar respectively.
Meanwhile, at the State Bank of Vietnam Operations Center, dollar exchange rate remained at VND21,350 per dollar for buying, and VND21,600 per dollar for selling, with inter-bank average exchange rate at VND21,458 per dollar.
On free market, the US dollar exchange rate was also raised to VND21,670 for buying and VND21,690 for selling.
Nguyen Hoang Minh, deputy director of the State Bank of Vietnam Ho Chi MinH City Branch, said that the central bank has been keeping track of movements on foreign currency market as well as at commercial banks and has not seen any sign of tension at credit institutions.
According to Mr. Minh, at some time, the difference between exchange rate on the market and that listed by the central bank rose to VND300-400 per dollar. In normal conditions, it shows signs of foreign currency shortage. However, based on the movements of dollar exchange rate in the past few months, despite the fact that exchange rate fluctuated, the central bank affirmed that credit institutions were not lacking of foreign currency. Especially, legitimate demand for dollars of businesses and individuals was fully met.
Mr. Minh explained that commercial banks uplifted exchange rate in order to attract dollars into banking channel as dollar purchase at banks lately was lower than before in spite of rising dollar mobilization.
Mr. Minh also revealed that foreign currency credit growth in the first two months of 2015 in Ho Chi Minh City dropped by 0.53 percent. However, it did not reflect that whether banks were facing a shortage of foreign currency or limiting foreign currency loans.

It was because export demand of businesses at the beginning of the year was lower than that in the last quarter of last year.

By Hanh Nhung – Translated by Thuy Doan

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