Heat remains in foreign currency market

Despite assurances by the State Bank of Vietnam of a stable dollar exchange rate, commercial banks still raised the exchange rate, showing no signs of relenting.

On August 23, dollar selling price at Vietcombank rose to VND21,210 per dollar in the morning, up VND40 per dollar over the previous day. In the afternoon, the price dropped slightly to VND21,190 but was still VND20 per dollar higher than the previous day.

At some foreign currency exchange agencies in Hanoi City, dollar was sold at VND21,220-21,230, an increase of VND30-40 per dollar over the previous day.

In related news, the central bank sold 25,900 out of 26,000 taels of gold that were put up at the 55th gold auction on August 23 with highest bid of VND37.81 million per tael, and lowest bid of VND37.79 million per tael.

Up to now, the central bank has provided the market with 1,477,800 taels of gold, or 56.8 tons.

After the 55th gold auction, the price of gold slid slightly compared to opening price, to VND37.88 million per tael, down VND40,000-50,000 per tael.

By Ham Yen – Translated by Thuy Doan

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