Free market dollar rate tips 16,000 dong

09-May-2006 Intellasia | 8/May/2006 Thoi Bao Kinh Te Vietnam page 1 | 7:38 AM Print This Post

The sale price of US dollar of banks and on free markets has officially exceeded the level of 16,000 dong per US dollar as the demand for US dollars is rising respectively.
The listed price of US dollar of Bank for Foreign Trade of Vietnam (Vietcombank) in HCM City exceeded 16,000 dong per US dollar, reaching 16,010 dong a US dollar.
The US dollar price on free markets on May 6 also increased with the bought-in price of 16,010 dong per US dollar and sold-out price of 16,040 dong per US dollar.
According to Nguyen Phuoc Thanh, director of Vietcombank’s HCM City branch, banks increased the price of US dollar due to the respectively rising demand for foreign currencies of businesses.
According to Thanh, US dollar deposits of banks are signalling a decrease while the interest rate is continuously increasing. Given the major reason, since the start of this year, dong has only depreciated by about 0.6% compared with US dollar. Thus, depositing dong is still more profitable.


Category: Finance

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