May 8: Vietnam Central Bank Keeps Dollar Exchange At 20,828 dong

Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Tuesday, 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.

Many commercial banks raised the dollar prices today, ranging from VND20,810-20,835 for bid and VND20,870-20,910 for ask, respectively, almost unchanged from yesterday.

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