The State Bank of Vietnam (SBV) said it remains the net buyer of foreign currencies from credit institutions and the supply and demand of the market in general is still stable.
Specifically, according to information from SBV in the morning of October 8, in the third quarter of 2010, central bank continues net buying foreign currencies from credit institutions. The specific buying-selling amount is not published, but the information shows that the amount of foreign currencies bought by SBV is still larger than the amount sold to support commercial banks.
This is not the first time this policy operator has given this message. Previously, after the decision to limit deposit rates in US dollar of organisations at credit institutions at maximum one percent from February 11, 2010 to date, SBV has given similar messages at least twice at different times.
In addition to the above information, this agency also said that in the third quarter, the foreign currency supply and demand in the market was generally stable. After the average interbank exchange rate was adjusted to 18,932 dong per dollar (up by 2.09 percent, applicable from August 18), the exchange rates of commercial banks have been ranging around 19,480 to 19,500 dong per dollar, the exchange rate on the free market has been centring around the exchange rates of commercial banks.
After the adjustment, from August 18 to date, the average interbank exchange rate was filed at 18,932 dong per dollar. A notable point is within about a month later, there has been no big difference between exchange rates on the free market and that of commercial banks.
Nevertheless, in the early October, dollar value on the free market has gone up rapidly. It has reached 19,900 dong per dollar in the early morning of October 8. In their recent analysis reports, some investment organisations said that one of the reasons leading to the strong increase of exchange rate on the free market is the collection of foreign currencies to import gold when price of this metal has risen to very high level, there was even smuggling.
Meanwhile, with the fixed rate of average interbank exchange rate, the selling price of US dollar of commercial banks has been set at ceiling level, following the amplitude of +/-3 percent, being at 19,500 dong per dollar. The fluctuations in the recent days have been reflected in the adjustment of buying price.
After August 18, most banks only applied buying prices at 19.470 to 19,480 dong per dollar. However, currently, many members have raised buying price to 19,490 dong per dollar. Particularly, since the beginning of the week, some banks have increased buying price to 19,494 dong per dollar, even setting it equal to the selling price of 19.500 dong per dollar.
In contrast, banks having good source of foreign currencies, including advantage from the conversion of remittances are still applying buying price at 19.450 to 19.470 dong per dollar. – TBKTVN
Specifically, according to information from SBV in the morning of October 8, in the third quarter of 2010, central bank continues net buying foreign currencies from credit institutions. The specific buying-selling amount is not published, but the information shows that the amount of foreign currencies bought by SBV is still larger than the amount sold to support commercial banks.
This is not the first time this policy operator has given this message. Previously, after the decision to limit deposit rates in US dollar of organisations at credit institutions at maximum one percent from February 11, 2010 to date, SBV has given similar messages at least twice at different times.
In addition to the above information, this agency also said that in the third quarter, the foreign currency supply and demand in the market was generally stable. After the average interbank exchange rate was adjusted to 18,932 dong per dollar (up by 2.09 percent, applicable from August 18), the exchange rates of commercial banks have been ranging around 19,480 to 19,500 dong per dollar, the exchange rate on the free market has been centring around the exchange rates of commercial banks.
After the adjustment, from August 18 to date, the average interbank exchange rate was filed at 18,932 dong per dollar. A notable point is within about a month later, there has been no big difference between exchange rates on the free market and that of commercial banks.
Nevertheless, in the early October, dollar value on the free market has gone up rapidly. It has reached 19,900 dong per dollar in the early morning of October 8. In their recent analysis reports, some investment organisations said that one of the reasons leading to the strong increase of exchange rate on the free market is the collection of foreign currencies to import gold when price of this metal has risen to very high level, there was even smuggling.
Meanwhile, with the fixed rate of average interbank exchange rate, the selling price of US dollar of commercial banks has been set at ceiling level, following the amplitude of +/-3 percent, being at 19,500 dong per dollar. The fluctuations in the recent days have been reflected in the adjustment of buying price.
After August 18, most banks only applied buying prices at 19.470 to 19,480 dong per dollar. However, currently, many members have raised buying price to 19,490 dong per dollar. Particularly, since the beginning of the week, some banks have increased buying price to 19,494 dong per dollar, even setting it equal to the selling price of 19.500 dong per dollar.
In contrast, banks having good source of foreign currencies, including advantage from the conversion of remittances are still applying buying price at 19.450 to 19.470 dong per dollar. – TBKTVN