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Dollar prices soared because of rumors
The rumor about the dollar shortage pushed the dollar price up over the past few days. However, the dollar price unexpectedly dropped yesterday afternoon, bringing loss to many investors.
On November 25, 26 and the morning of November 27, the dollar price increased sharply on the black market, once hitting VND 17,400/US $1.00. Commercial banks quoted exchange rates at price levels that hit the ceiling. At Vietcombank, the purchase price was VND 16,972/US $1.00, and the sale price VND 16,976/US $1.00. At Eximbank, the quoted purchase and sale price were the same at VND 16,976/US $1.00.
Nevertheless, the dollar price unexpectedly tumbled. On HCM City’s black market, the dollar price dropped to VND 17,100-17,190/US $1.00.
Bankers said that the dollar prices increased sharply because of the rumor regarding the dollar shortage. It was said that exports have been decreasing, while the payment for export contracts have been facing difficulties as foreign partners have suffered from the global financial crisis. Meanwhile, the demand for import products keeps rising, leading to the dollar supply tension.
Rumors also had it that investors were trying to withdraw capital from the stock market. More seriously, speculators spread rumors that the State Bank of Vietnam planned to raise the forex trading band from +/-3% to +/-4% or +/-5%, which also meant that the State Bank of Vietnam would ‘pave the way’ for the dollar to revaluate.
Ho Huu Hanh, Director of the HCM City Branch of the State Bank of Vietnam, denied the planned wider trading band, saying that the State Bank does not plan to do that, and there is no document that mentions the trading band adjustment.
Hanh also said that the dollar supply and demand in import-export activities remains stable, and that there has been no sign of massive foreign investors’ capital withdrawing from the stock market. Banks still can meet the demand for dollars for some investors who need to withdraw capital.
Hanh went on to say that the State Bank of Vietnam has asked state-owned commercial banks to satisfy all the legitimate demand from businesses and individuals. The State Bank promises to provide enough dollars to commercial banks, if necessary.
General Director of a joint-stock bank said that the rumors have prompted people to purchase dollars to save. Meanwhile, some enterprises, which have income in dollars, refused to sell dollars to banks, pushing banks into temporary difficulties.
However, the problem has been eased as the dollar price dropped yesterday afternoon. It seems that speculators began selling dollars out after the prices became high enough to make a profit, and now prepare for the next speculation.
Lao dong
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