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VND/US$ exchange rate cooling down   2009-08-03 - VNN

The dollar price has been decreasing in both the official and free markets. This has been explained by the drastic measures applied by the State Bank of Vietnam to control the foreign currency market.

 

 
The interbank exchange rate on July 31 announced by the State Bank of Vietnam decreased to 16,967 dong per dollar, a sharp decrease from the highest peak of 16,970 dong per dollar on July 30.

 

Meanwhile, commercial banks have also quoted lower prices for dollars. The price quoted on July 31 decreased to 17,815 dong per dollar from 17,819 dong per dollar the day before.

 

The free market witnessed the dollar price decreasing continuously in the last three days of last week.

 

On July 30, the dollar price was reportedly at 18,440-18,460 dong per dollar, a decrease of 10 dong per dollar over the previous day on the black market, though the interbank exchange rate and the rates quoted by commercial banks increased on that day.

 

On July 31, the dollar on the black market dropped again to 18,420-18,450 dong per dollar, the deepest low in the last couple of weeks on the black market.

 

The State Bank of Vietnam has released a series of measures to stabilise the market recently, including selling dollars to the market through commercial banks. It has many times affirmed its policy of stabilising the exchange rate based on good payment balance.

Governor of the State Bank of Vietnam Nguyen Van Giau, in a recent interview with the local press, affirmed that the current exchange rate is reasonable and said that if Vietnam depreciated the local currency there would be bad effects. He has told enterprises which are keeping dollars and refusing to sell them to banks to reconsider the holding of dollars, or they will suffer with the current low US$ interest rates.

 

In related news, the gold price has stopped decreasing, and is now staying firm at 21 million per tael. Bao Tin Minh Chau quoted prices at 21.04-21.09 million dong per tael on July 31.

 

The world’s price once dropped from $960/oz to below 930/oz and has surged back to $936/oz.



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