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Dollar price drops, nears VND17,000/US$1 level
The dollar price on the black market on July 9 afternoon dropped further to VND17,030/US$1. Banks have announced they are ready to sell dollars to businesses and individuals at the quoted exchange rates.
The dollar purchasing price was VND16,950/US$1 while the selling price VND17,030/US$1 on July 9. An official of a commercial bank said that previously speculators only sold dollars when they could get the profit of VND200-300/US$1, while they now accept the lower profit of VND20-50/US$1.
The VND/US$ exchange rates announced by Vietcombank for July 9 were VND16,845-16,851/US$1 (purchasing and selling).
Commercial banks on July 8 all announced they would sell more dollars to clients at the posted exchange rates. The Bank for Investment and Development of Vietnam (BIDV) confirmed it has enough dollars to sell to clients.
Enterprises that need dollars to import key products for people’s lives and local production (petroleum, materials for making products for export, pharmaceutical materials) all can buy dollars on demand. However, BIDV will not provide dollars to serve imports of luxury goods.
The bank has also promised to sell dollars to individual clients to serve their demands for going abroad for medical treatment, workshops or overseas study. As for tourists, the bank will sell $7,000 at maximum to those taking trips of more than 10 days.
In the interbank market, BIDV said it would provide dollars regularly on transaction days to help balance supply and demand and stabilise the exchange rate. 20% of the foreign currency volume BIDV sells everyday serves the demand of foreign banks.
The bank has also announced it will slash short-term lending interest rates on foreign currency loans. Enterprises that borrow money to import key products for local production and export will enjoy the interest rate of 6.8% per annum, 2% lower than the current maximum rate. The rate applied to clients who need dollars to import other products will be 8.8%, 1% lower than the maximum rate.
Techcombank’s Deputy General Director Pham Quang Thang has also announced that his bank is ready to provide foreign currencies for clients at the posted exchange rates.
Other banks, though having not made any official announcement, say they will sell dollars to clients as per their capability. The banks have all classified clients in priority order, so that they can have suitable policies in selling dollars.
Under the current regulations, the banks that have the minus position of foreign currencies (- 10%), can ask the State Bank of Vietnam to sell them dollars. In a notification released late last week, the State Bank committed to sell foreign currencies to commercial banks to satisfy the demand of the national economy, and seek suitable solutions to supervise the inflow and outflow of foreign currencies of foreign investors.
VNN
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