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Greenback black market price rises by VND 50/US $   2008-12-08 - Dan tri

The foreign currency market kicks off a new week with the greenback price on the black market increasing by VND 50/US $1 over late last week to VND 17,280/US $1. The gold market remains quiet, with the price going the cross-line.


Foreign currency exchange shops on Ha Trung street in Hanoi this morning quoted the dollar prices at VND 17,250/US $1 (purchase) and VND 17,280/US $1 (sale), an increase of VND 50/US $1 since the end of last week.


Today, the State Bank of Vietnam announced the inter-bank exchange rate at VND 16,490/US $1, while commercial banks quoted the prices at VND 16,983 (purchase) and VND 16,985/US $1 (sale).


In the last week, the VND/US$ exchange rate quoted by commercial banks were always at the ceiling allowed levels, hovering around VND 16,975-16,980/US $1.


The State Bank of Vietnam has affirmed that it is keeping a close watch over the market performance, while following a flexible forex management policy, which aims to control the trade deficit and stabilize the macro-economy.


As for the gold market, the prices have not increased or decreased, remaining quiet with low transaction volume. SJC gold is now selling at VND 16.55 million/tael (purchase) and VND 16.65 million/tael (sale). Meanwhile, Bao Tin Minh Chau gold prices are VND 16.52 million - 16.6 million/tael.


On ACB gold trading floor, SJC gold was traded at VND 16.1 million/tael. Only 48,260 taels of gold successfully changed hands this morning, worth VND 776 billion.


In the world, the gold price (with spot delivery) quoted on is $763.5/oz. The domestic gold price is approximately VND 400,000/tael higher than the world’s price.

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