Signs of stability in foreign currency supply-demand market

There have been signs of stability in the monetary market over the past week after many months of complicated developments and chaos.

According to the State Bank of Vietnam (SBV), the supply of foreign currencies in the market has been improved. Many export enterprises have begun selling their foreign currencies to commercial banks.

Although the SBV continues to provide foreign currencies to commercial banks to meet the demand for importing essential goods for the national economy, the number of banks registering to buy foreign currencies has dropped.

The foreign exchange rate market has also seen positive signs over the past week. Almost all the commercial banks have listed an exchange rate of below the ceiling level. The difference between the purchasing and selling prices of commercial banks is somewhere between US$10-15. The exchange rate in the market continues to decrease and has dropped to VND16,860-16,890/US$.

Lending interest rates in the market have also stabilised and some commercial banks have decreased their lending interest rates in Vietnamese dongs and foreign currencies. However, popular lending interest rates remain at 21 percent per year.

VOV

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