Dong/US dollar forex rate dips
10-APR-2008 Intellasia | Thoi Bao Kinh Te Vietnam
Apr 10, 2008 - 7:00:00 AM
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From March 27 to April 7, the selling price of US dollar at commercial banks kept stable at 16,120 dong a US dollar marking a sharp surge since the year early, especially after the sudden change in forex rate between the end of February and the start of March.
As a result, the above situation was thanks to the interbank market's forex rate unchanged at 15,960 dong/US dollar in the period. Meanwhile, State Bank of Vietnam said that management policies and forex rate had shown positive signals.
Earlier, the central bank released a series of monetary tightening up policies such as adjusting the interbank average forex rate that now is down 0.94% against the year early and 0.19% against that of March 20, 2008, deciding to purchase US dollar from credit institutions allowed to operate in field of foreign currency in order to support exporters, and allowing credit institutions to trade US dollar in cash according to their general directors' decisions.
Thanks to aforementioned measures, the market's forex rate surged again close to the allowable ceiling amplitude, showing that the demand for US dollar increased because commercial banks have made efforts to hike foreign currency reserve.
In fact, SBV sold out US dollar instead of suffering the heavy purchase pressure one-month earlier. It is forecasted that if not applying the trading amplitude, banks' forex rate could continue soaring.
However, after a short period the forex rate stood at 16,120 dong/US dollar, SBV yesterday April 8 reported that the forex rate started to fall slightly. Particularly, the interbank forex rate declined to 15,958 dong/US dollar while that of commercial banks was down to 16,118 dong/US dollar.
The currency showed that the less tense demand for US dollar of commercial banks, and the effectiveness of banks' mutual agreement to apply the new ceiling deposit rate of 6% per annum for US dollar as from April 2.
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