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SBV increases inter-bank exchange rate
The State Bank of Viet Nam (SBV) increased the inter-bank exchange rate from VND21,458 to VND21,673 per dollar on May 7, equivalent to a rise of one per cent.
The ceiling rate was VND21,890 per dollar, an effective exchange rate with a one per cent margin.
Right after the SBV's announcement on the increase in the exchange rate, the dollar rates in most local commercial banks soared by VND70 per dollar to touch VND21,740 per dollar, including the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) and the Vietnam Technological and Commercial Joint Stock Bank (Techcombank).
The selling and buying rates in the flea market reached VND21,750 and VND21,700 per dollar.
The SBV said in its announcement that the adjustment was aimed at helping to fulfill the socio-economic development targets set by the Party, National Assembly and the government in 2015, and to deal with the negative impacts of the international market.
The SBV said the exchange rate in the local market tended to increase in the past, but still remained within its permitted margins.
The SBV will continue to implement measures and tools to stabilise the exchange rate and the monetary market, as well as keep a close watch on the development of both the local and global markets.
In a previous adjustment made on January 7, the SBV had increased the inter-bank exchange rate from VND21,256 to VND21,458 per dollar. The ceiling rate was VND21,673.
Early this year, the SBV had said the dollar-dong exchange rate would be increased by no more than two per cent in 2015.
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