Vietnam Daily News

December 16: Vietnam Central Bank Keeps Dollar Exchange At 20,813 dong

Written by Dailynews.vn Saturday, 17 December 2011 17:44

Vietnam's central bank set the U.S dollar exchange rate at VND20.813 on Friday, unchanged from Wednesday.

The dong has been weakened down total VND185 or 0.9 percent since the governor of state bank of Vietnam committed to keep the exchange rate under 1 percent through the end of the year.

Commercial banks are allowed to apply effective exchange rate +-1 percent from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,021.

Commercial banks kept the dollar exchange rate unchanged. Selling dollar at VND 21,019-21,021 and buying dollar at VND21,000- 21,018.

In the free market, dollar prices have been up for a fourth consecutive day. A gold shop in Hanoi quoted dollar prices at VND21.300-21,350 for bid and ask, respectively this morning, up VND100 for bid and VND110 for ask from yesterday trading.

The greenback prices have been raised up these days for a number of reasons: companies need to buy dollars to payback their debts, businesses seek to borrow dollar loans to take advantages of low interest rates, government encourages the exporters.

It is said that gold traders hoarded dollars these days possibly to pay for gold margin call as world gold prices fell sharply in the past days and more likely to import gold as domestic gold premium has reached critical level of VND3 million/tael.

Source: www.intellasia.net/news/articles/finance/111351130.shtml