Commercial banks raise US dollar selling price

After the dong/US dollar forex trading band was widened from +/-2% to +/-3% on November 7, commercial banks have raised the selling price of US dollar, substantially.

Vietcombank offered the buying and selling prices of US dollar at 16,930 and 16,950 dong per US dollar, Bidv 16,935 and 16,945 dong per US dollar, and Vietinbank 16,930 and 16,948 dong/US dollar.

These prices are lower by 48-50 dong than the ceiling of allowable forex rate trading level as confirmed previously by some bank chairs.

But, on November 7, commercial banks broke away from the agreed US dollar/dong forex rate. At joint stock banks, the selling price of US dollar increased with the allowable ceiling. Particularly, at VPBank, one US dollar was sold for 16,998 dong while at Techcombank and ACB, the selling price stood at the level closer to the ceiling of 16,996 dong/US dollar.

At some joint stock banks that dominate the payment market namely Eximbank and Sacombank, the US dollar selling price was listed at 16,980 dong/US dollar and 16,950 dong/US dollar, lower considerably than that of smaller sized joint stock banks.

Reviewing US dollar selling price, it is easy to guess the difference between demand and supply of foreign currency of that bank, said a banker.

As a result, the average forex rate of interbank market (announced by State Bank of Vietnam) on last Friday was down 8 dong/US dollar to 16,501 dong/US dollar. Therefore, the maximum selling price of US dollar at commercial banks cannot exceed 17,000 dong/US dollar.

In the free market of Hanoi, on November 7 the selling price of US dollar stood at 17,150 dong, but then climbed up 17,300 dong/US dollar within the day.

 

Category: Finance