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Forex rates keep dropping
The exchange rates between the Vietnamese dong and US dollar keep dropping following the central bank's recent regulations on tightening foreign currency transactions.
Commercial banks on October 8 continue adjusting the exchanges rates with a reduction ranging between VND160 to VND325.
Vietcombank cut the rate by VND180 and VND170 against the previous day, quoting the buying/selling rates at VND22,160/22,260, the biggest fall by the bank this year.
Techcombank reduced the rate by VND325 and VND185 from the previous day to VND22,030/22,270.
The buying/selling rates at Vietinbank were VND22,175/22,265, down VND205 and VND175, and were VND22,170/22,270 at BIDV, down VND200 and VND160.
On the Ha Noi free market, the greenback is selling at VND22,300 per US dollar. In HCM City, the common forex rates are around VND22,400 per US dollar, dropping by more than VND500 from the beginning of September when the rates topped at VND22,900.
The forex rates started to decline strongly from October 5, the first day after Circular No 15/2015/TT-NHNN on foreign currency transactions by credit institutions took effect. The new regulation requires that foreign currency transactions must be accompanied by documents proving the purpose, amount and duration of payments.
The rates dropped further after the central bank issued a decision on cutting the interest rate ceiling on dollar deposits offered by commercial banks to organisations and companies to zero per cent per year from 0.25 per cent.
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