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Money changers buy dollars for VND17,630   2008-05-28 - ThanhNienNews

The price for dollars shot above VND17,000 Tuesday on Vietnam’s open market as relentless inflation fueled local demand, said an official from the central bank.

 
Droves of locals bought and sold dollars by the bundle in Hanoi Tuesday as prices flew above VND17,000  

 

 

“Demand for the dollar has surged on the quickening inflation,” said Nguyen Quang Huy, head of the state bank’s management department.

Figures from the General Statistics Office of Vietnam show consumer prices up 25.2 percent in May year-on-year.

The State Bank of Vietnam set the daily reference rate for the dong at VND16,060 to the dollar Tuesday.

Prices used by open market money changers, who are unregulated by law, were above VND17,000 to the dollar.

Huy said the open market was small and would not disrupt Vietnam’s economy, adding that the government was continuing its “stable exchange rate policy,” with an official trading band of 2 percent.

“The central bank will continue to control the foreign currency market in a bid to maintain the foreign exchange rate at a stable level,” he said.

“We also strongly believe we can meet the economy’s foreign currency demand.”

The dollar frenzy hit Hanoi as the capital’s residents rushed to buy US dollars at the city’s two largest open dollar traders, Quoc Trinh and Bao Tin Minh Chau.

Quoc Trinh announced it was buying dollars for VND17,200 a piece while selling for VND17,500 Tuesday morning.

Bao Tin Minh Chau bought dollars for VND17,250 and sold at VND17,630.

The Bank for Foreign Trade of Vietnam, or Vietcombank, announced it was trading dong at VND16,221 to the dollar Tuesday morning.

But the rate in the capital city fell in the evening as investors sold dollars to take profits, with the average open market selling rate hitting VND16,900 with the buying rate at VND17,250.

A Hanoi trader who came to Quoc Trinh to sell US$2,000 he bought earlier for VND17,000 per dollar said the dollar’s value would drop soon.

“The dollar’s value on the global market is falling, so the increasing demand today is merely speculation,” he said.

LOCAL GOLD PRICES SPIKE AGAINST GLOBAL VALUE DROP

The price of gold at the HCMC-based Saigon Jewelry Company, Vietnam’s largest gold trader, rose by VND370,000 to hit VND18.73 million per tael Tuesday.

The local price move came as global value fell $4 to $923 per ounce.



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