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Greenback market cools down after days of fever
The greenback price unexpectedly dropped significantly on February 26 after several scorching hot days. The price nearly hit the VND18,000/US$1 threshold, and people were sure that it would break through.
But they were wrong.
The price level of nearly VND18,000/US$1 could not stand for a long time. The price increase unexpectedly tumbled by VND60/US$1 early February 26 over February 25 morning’s price at VND17,680-17,730/US$1.
The price continued sliding on February 26 in the afternoon. The dollar price dropped to VND17,600/US$1 (purchase) and VND17,650/US$1 (sale), down by VND80/US$1, which is considered a big decrease.
Meanwhile, the interbank exchange rate announced by the State Bank of Vietnam was VND16,974/US$1 on February 26, up by VND1/US$1 over February 25. The exchange rate quoted by commercial banks was VND17,483/US$1, the same as February 25.
Analysts say that the dollar price decrease was an active response to the statement by the State Bank of Vietnam that in the immediate time, the government of Vietnam does not intend to adjust exchange rates.
The central bank has released a statement that it can ensure the balance of the foreign currency supply and demand. It has also denied the rumour about a dollar shortage on the market. Moreover, the stable purchase and sale activities of commercial banks have made the attempt to push the dollar prices up in the black market unsuccessful.
Nguyen Manh, Capital Director of the Vietnam Bank for Investment and Development (BIDV), said that the foreign currency supply and demand now is not as tight as people think. “It is not likely we’ll see the 2008 dollar fever repeat in 2009,” Manh said.
Phuoc Ha
vietnamnet
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