Illustrative image (Source: VNA)Hanoi (VNA) – Thereference exchange rate and exchange rates of commercial banks have increasedcontinuously in recent days, with the reference exchange rate making its recordhigh on May 8 at 23,046 VND. However, economists said that there is nothing toworry about this situation.
Pham Hong Hai, CEO ofthe Hongkong and Shanghai Banking Corporation (HSBC), said the increase willnot have a big impact on the market.
As the picture of theUS-China trade war becomes clearer, the market will be stable, he underlined.
According to him, withthe current high foreign exchange reserves, the State Bank of Vietnam (SBV) willbe able to ensure market liquidity to help stabilise the market.
Sharing this view, economistCan Van Luc stated that there is nothing to worry about increases in exchangerates, as the central bank has much experience in dealing with this matter, andthe dollar is only one among the eight currency baskets managed by the bankevery day.
SBV Deputy GovernorNguyen Thi Hong said that the central bank will adjust the interest andexchange rates suitable for the macro balance, market developments, andmonetary policy targets.
The SBV set the dailyreference exchange rate at 23,046 VND per USD on May 8, up 6 VND from theprevious day and the highest level ever.
The opening hour ratesat commercial banks also rose strongly.
At 8:15 am,Vietcombank listed the buying rate at 23,275 VND per USD, up 40 VND from May 7and the selling rate at 23,395 VND per USD, up 50 VND.
The BIDV also raisedthe buying rate by 40 VND to 23,280 VND per USD and added 60 VND to the sellingrate to 23,400 VND/USD.
Techcombank increasedthe buying rate by 40 VND to 23,255 VND per USD and the selling rate by 60 VNDto 23,395 VND/USD.–VNA
VNA
