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US dollar eases after State Bank decision
The price of the greenback on the black market has dropped significantly following the State Bank of Viet Nam 's decision to pump more US dollars into the economy. The decision, taken last Thursday , aimed to feed growing demand for imports in the closing months of the year. The same day, the central bank also increased the prime interest rate by 1 per cent to 9 per cent per annum.
At exchange stalls in District 1's Le Quy Don Street in HCM City, the dollar price dropped minutes after news came out on Friday that the central bank and 16 commercial banks were discussing measures to stabilise the market.
As a result, the dollar selling price on the unofficial market fell from VND21,000 one day earlier to VND20,550 per dollar. The rate even stood at VND20,300 at some places in the city.
In spite of having such strong forex fluctuations, US dollar transactions were not as hectic as expected.
Explaining the situation, the owner of a gold shop in District 1 said because the dollar rate had dropped so quickly, both sellers and buyers were waiting for changes that could be profitable.
In particular, sellers wanted to hold back in the hope that the dollar price would increase again, while buyers arewaiting for a fall in prices in the near future.
In the inter-bank market, US dollar price in transactions among commercial banks in the city on Friday stood at VND20,300, VND80 higher than the ceiling level.
A similar situation was also seen in the Ha Noi market. The number of people participating in dollar trading activities was not many. Most transactions were of small value to serve immediate demand.
Thien Ly
vietnamnews
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