Dollar gap between official and black market rates closed: Report

There is no longer a mismatch between official and unofficial exchange rates as banks in Ho Chi Minh City have been buying and selling more dollars, Tuoi Tre newspaper reported Friday.

The report cited the central bank’s branch in the city as saying that between March 1 and May 15, banks bought US$7.14 billion from enterprises and individuals. Dollar sales by individuals amounted to $575 million. During the same period, banks sold $7.72 billion worth of dollars to their clients.

According to the central bank branch, dollar sales at banks surged after the authorities strengthened inspections of the black market, forcing it to shrink.

The gap between official and unofficial exchange rates has been closing, it said.

The dollar is now traded at around at VND20,800. That compares to the rate of VND20,935 quoted by Vietcombank a month ago.

Thanh Nien

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