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Inward remittances keep flowing to black market
Overseas remittances, mostly the US dollar, are still flowing to the black market since ask and bid prices there are higher than those quoted by local lenders.
Inward overseas remittance via Sacomrex, the overseas remittance service company under Sacombank, hit nearly US$1 billion in the first nine months of the year, up 40 percent year on year, Sacomrex’s director Le Nguyen Thanh Trung told Tuoi Tre, adding that only 10 percent of receiver sold dollars back to the company.
Overseas remittance via Vietcombank has so far reached over $900 million, said Pham Thuy Nga, the bank’s retail department manager.
But most of overseas remittance receivers prefer selling dollars to gold shops instead of local lenders as dollar prices in the free market are VND500-VND600 higher than those listed at local lenders, Nga added.
Vietinbank and Eximbank also boosted up its dollar’s bid to the cap of VND19,500, representing an accelerating demand for the greenback and the lenders’ dollar tension.
Dollar bid and ask prices on Wednesday morning hit the fresh all-time high VND20,140 and VND20,200 at gold shops.
Meanwhile, Vietcombank’s dollar prices remained unchanged at VND19,490 and VND19,500 for bid and ask, respectively.
Local gold prices on Wednesday morning hovered at VND32.9 million per tael and VND32.95 million per tael eyeing world gold prices’ new momentum.
Samcombank-SBJ bullion in Ho Chi Minh was listed at VND32.9 million per tael and VND32.94 million per tael for bid and ask, respectively.
A tael is equal to 37.5 grams or 1.2 troy ounces.
In Asia trade this morning, spot gold edged down 0.3 percent at $1,335.19 an ounce. US gold futures fell 0.3 percent to $1,335.2 an ounce.
A bullish target of $1,362 per ounce for spot gold has been established as per its wave pattern and a Fibonacci projection analysis, said Wang Tao, a Reuters market analyst.
“The market is entering a period of consolidation. The euro is under pressure and the dollar isn’t doing a great deal, making the precious metals market quiet,” Reuters quoted Ellison Chu, manager of precious metals at Standard Bank Asia in Hong Kong, as saying.
The dollar edged up on Wednesday in the global forex market. Its recent weakness has helped propel gold to record highs.
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