After some commercial banks unexpectedly raised US dollar exchange rate by VND50-70 per dollar on August 22, the State Bank of Vietnam affirmed that having no intention to adjust the rate at this moment.
According to the State Bank, dollar exchange rate increased due to groundless information involving the central bank’s exchange rate control orientation.
The State Bank affirmed that supply and demand of foreign currency remains balanced and the US dollar exchange rate is stable inspite of a sharp hike at the beginning of July, thanks to several control measures on trading of foreign currency.
Liquidity in the foreign currency market also improved with exchange rate declining. Credit institutions bought foreign currency from clients as speculation on foreign currency eased.