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More banks lower US dollar price
Three big banks Saturday continued to decrease the price of the US dollar due to rising supply from exporters and dollar hoarders.
Vietnam Export-Import Bank (Eximbank) decreased the US dollar price by VND20 to VND20,780 a dollar, while the price of the greenback at two other big banks, the HCMC-based branch of Vietcombank and ACB, were VND20,830 VND a dollar and VND20,790 a dollar respectively.
Dollar supply is on a rise since the ceiling dollar interest rate have fallen back to 3 percent, which worn off the attractiveness of holding the greenback.
Due to the recent strong rate reduction on too strong, the bank also lowered the price to buy low-dollar liquidity to prevent risks.
The banks said people still push to sell dollars to banks since the bank's purchase price is around 10-60 per dollar higher than that offered by gold shops.
The precious metal were traded at $ 1,507.7 an ounce by the end of the week, but the domestic gold price declined by VND10,000 per tael, sold at VND37.57 million, due to the dollar devaluation against the Vietnam dong.
Gold shops have widen the gap between the bid and ask price up to VND200,000 VND per tael but only saw a few successful transactions.
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