State Bank raises US dollar buying rate

The State Bank of Vietnam (SBV) raised buying rate of US dollar on August 7, signaling that it is ready to increase dollar reserves.

The State Bank announced the rate at VND21,100 per dollar for buying and VND21,246 for selling. Thus, selling price remained unchanged but buying price rose VND274 per dollar compared to the floor price of VND20,826 which has maintained since late June, when the Central Bank raised the inter-bank dollar exchange rate by 1 percent to VND21,036 per dollar.

Affected by the Central Bank’s move, the US dollar exchange rate in the free market also made slight increase. In Hanoi, dollar was bought at VND21,230 per dollar, up VND20 per dollar, and sold at VND21,250 per dollar, up VND10 per dollar.

By Bao Minh – Translated by Thuy Doan

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