The State Bank of Vietnam (SBV) has sold roughly 1.1 billion USD as ofDecember 1 to stabilise Vietnam's foreign exchange market.
Dau Tu Chung Khoan (Securities Investment) newspaper quoted officials of commercial banks as confirming this move.
PhanThi Thanh Binh, ANZ Vietnam acting chief executive officer, told thenewspaper that the SBV has been selling dollar in previous daysfollowing an increase in the US dollar-Vietnamese dong exchange rate inprevious weeks.
As of early this week, the foreign exchangemarket has stabilised because of the SBV move and low dollar demands atthe start of the month, Binh said, adding that the exchange rate wouldfurther slide if the SBV continued its policy of selling the greenbackin the coming days.
Binh also predicted the foreign exchangemarket to become less volatile from now till year-end because of the SBVmove. She revealed that volatility would depend on supply and demandinstead of psychological factors and cited the country's balance ofpayments surplus.
Commercial banks' foreign exchange rate hasincreased significantly in previous weeks and remained high at 21,400VND per dollar. But Binh explained that this was normal, as it reflectedsupply and demand as well as the market's expectations.
On December 4, commercial banks' foreign exchange rate declined, especially for dollar purchases.
Vietcombankquoted the rate at 21,330 VND to 21,380 VND, a 15-dong decrease againstthat of the previous day. ACB and Eximbank listed the rate at 21,320VND to 21,390 VND, a 30-dong decrease in purchase price.
Agribanklisted the rate at 21,325 VND to 21,385 VND, a 15-dong decrease inpurchase price and 25-dong decrease in sales price, while Techcombanklisted the rate at 21,300 VND to 21,390 VND, a 40-dong decrease inpurchase price and 10-dong decrease in sales price.-VNA
Dau Tu Chung Khoan (Securities Investment) newspaper quoted officials of commercial banks as confirming this move.
PhanThi Thanh Binh, ANZ Vietnam acting chief executive officer, told thenewspaper that the SBV has been selling dollar in previous daysfollowing an increase in the US dollar-Vietnamese dong exchange rate inprevious weeks.
As of early this week, the foreign exchangemarket has stabilised because of the SBV move and low dollar demands atthe start of the month, Binh said, adding that the exchange rate wouldfurther slide if the SBV continued its policy of selling the greenbackin the coming days.
Binh also predicted the foreign exchangemarket to become less volatile from now till year-end because of the SBVmove. She revealed that volatility would depend on supply and demandinstead of psychological factors and cited the country's balance ofpayments surplus.
Commercial banks' foreign exchange rate hasincreased significantly in previous weeks and remained high at 21,400VND per dollar. But Binh explained that this was normal, as it reflectedsupply and demand as well as the market's expectations.
On December 4, commercial banks' foreign exchange rate declined, especially for dollar purchases.
Vietcombankquoted the rate at 21,330 VND to 21,380 VND, a 15-dong decrease againstthat of the previous day. ACB and Eximbank listed the rate at 21,320VND to 21,390 VND, a 30-dong decrease in purchase price.
Agribanklisted the rate at 21,325 VND to 21,385 VND, a 15-dong decrease inpurchase price and 25-dong decrease in sales price, while Techcombanklisted the rate at 21,300 VND to 21,390 VND, a 40-dong decrease inpurchase price and 10-dong decrease in sales price.-VNA
