State Bank confirms no adjustment in foreign exchange rate

To quash rumors on adjustment of foreign exchange rates, the State Bank of Vietnam on December 6 issued a notice confirming that foreign exchange rates will remain unchanged from now until the end of the year.
Le Minh Hung, Deputy Governor of the Central Bank, said the exchange rate of the greenback is lower than the ceiling price of VND21,100 a dollar stipulated by SBV.
Accordingly, the Central Bank has bought a large quantity of the greenback for stocking. However, in two recent days, the selling and buying rate of US dollar has increased slightly.
The highest selling price quoted by banks on December 6 was VND21,150 a dollar. The central bank said that supply and demand of foreign currency is very low as Vietnam’s trade deficit in November fell while November trade surplus went up more than US$50 million.
Vietnam's trade surplus reached US$7.2 billion from the beginning of the year to the third quarter, equivalent to four percent of Gross Domestic Product. The figure is higher than in previous years.
In addition, selling and purchasing of credit institutes is normal and the forex liquidity remains in good shape; accordingly there is no reason to adjust the forex rate. Demand for the greenback has risen due to expectation that the Central Bank would adjust the forex rate.

By Bao Minh – Translated by Uyen Phuong

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