Vietnam Daily News

Interbank exchange rate suddenly increased

Written by Dailynews.vn Thursday, 15 December 2011 16:45

The State Bank of Vietnam today set a sudden VND-10 increase on the interbank dollar exchange rate after keeping it unchanged for the last 40 days.

The new rate stood at VND20,813 a dollar, the highest since February 11, when the central bank devalued the dong by 9.3 percent.

Earlier this year, on September 7, central bank Governor Nguyen Van Binh promised that the exchange rate would not increase by more than 1 percent by the end of the year.

The rate has risen by VND185, or 0.9 percent, as of today.

This means that the central bank can only increase the rate a maximum oft 0.1 percent, or VND21, in the last 17 days of the year in order to keep its commitment.

Most banks now trade the greenback at the new ceiling of VND21,021.

On the Hanoi black market yesterday, the dollar selling price was quoted at VND21,160 a dollar, while the buying price was VND21,130 a dollar.

Also yesterday, gold prices in Vietnam at times retreated to as low as VND43.98 million a tael, but consumption was still quiet.

The precious metal closed yesterday at VND44.15 million per tael.

The gap between domestic and the global price is now some VND1.6 million a tael.

Source: www.intellasia.net/news/articles/finance/111350825.shtml