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May 16: Vietnam Central Bank Keeps Dollar Exchange At 20,828 dong

17-May-2012 Intellasia | StoxPlus | 7:01 AM

Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Wednesday, unchanged for more than 4 months, the longest string since it has been applied but also the highest one.

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 VND21,036 but commercial banks mostly quoted dollar prices below the upper limit.

Commercial banks kept the exchange rate unchanged for 4 days, ranging from VND20,810-20,830 for bid and VND20,870 for ask, respectively.

Vietnam targets to adjust the exchange rate by between 2-3 percent this year only, if it is reached, this will be the first year dong is fairly stable after a long streak of much depreciation in the past years.

 


Category: Finance

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