Vietnam: Central bank raises selling price of USD to VND24,870
The State Bank of Vietnam (SBV) on October 24 continued to sharply increase the selling price of the US dollar by 490 VND to 24,870 VND per USD – the highest rise in many years.
This is the sixth increase in the selling price of the greenback since the beginning of this year, and the fourth within more than one month.
Previously, the SBV adjusted the exchange rate by 200 VND to 23,250 VND/USD in May and continued to raise it to 23,400 VND/USD in early July.
The selling price of the US dollar has surged by 1,720 VND or 7,4% so far this year.
The same day morning, the bank set the daily reference exchange rate at 23,700 VND/USD, up 12 VND from October 21. The reference exchange rate recorded the 11th consecutive hike with a total of 268 VND.
With the current trading band of +/-5 percent, the ceiling rate applicable to commercial banks during the day is 24,885 VND/USD and the floor rate 22,515 VND/USD.
The opening-hour rates at many commercial banks increased to the ceiling rate.
Vietcombank listed the buying rate at 24,575 VND/USD and the selling rate at 24.885 VND/USD, up 15 VND from October 21.
Similarly, VietinBank also added 15 VND to both rates, listing at 24,605 VND/USD (buying) and the selling rate at 24.885 VND/USD (selling)./.VNA