August 17: Vietnam dollar prices stable, banks have dollar surplus

Vietnam’s central bank set the US dollar’s exchange rate at VND20,618 on Wednesday, unchanged for 7 straight days.

Commercial banks are allowed to apply effective exchange rate +-1 percent from the official exchange rate set by the central bank, hence, the ceiling price for a dollar today was VND20,824.

Commercial banks kept dollar offer unchanged at the ceiling price, dollar bid was stable after being adjusted up by VND20 late yesterday.

Nguyen Phuoc Thanh, CEO of Vietcombank said the bank holds USD surplus position and has billions of dollars deposited overseas. He forecast dollar supply-demand at end of the year peak season will not be so tense and the forex market stability will depend much on the spread between interest rates denominated in the dong and the dollar.

 

Category: Finance