On February 23, the central exchange rate was listed by the State Bank at 23,996 VND/USD, an increase of 15 VND/USD compared to the previous day. Since the beginning of the year, the central exchange rate has increased by about 36 VND/USD.
The USD prices at banks have also continued to rise after consecutive increases in recent days. Currently, Vietcombank is buying USD at 24,420 VND/USD and selling at 24,760 VND/USD. Eximbank has listed the buying price of USD at 24,460 VND/USD and the selling price at 24,770 VND/USD, an increase of 10 VND/USD compared to the previous day and an increase of 80 VND/USD in the past 2 days.
 USD prices in the free market have been increasing rapidly in recent days |
If we calculate from the beginning of the year to now, the USD prices at banks have increased by about 270 VND/USD (equivalent to a 1.09% increase). This is a relatively high exchange rate increase in recent times.
It is worth noting that not only in banks, but the USD prices in the free market have also surged. Currently, some exchange points in Ho Chi Minh City are trading at 25,250 VND/USD for buying and 25,320 VND/USD for selling, an increase of 30 VND for each USD compared to the previous day.
If we calculate within the past week, the USD prices in the free market have increased by about 300 VND. From the beginning of the year until now, the USD prices in the free market have increased by 620 VND/USD (a 2.5% increase).
As observed by reporters, the USD/VND exchange rate had a significant increase in the first month of the year but then cooled down before the Lunar New Year. However, the exchange rate has been increasing in recent days.
A financial expert in Ho Chi Minh City is also puzzled and cannot explain why the USD prices in the free market keep rising continuously despite no sudden increase in demand.
“I have consulted some gold shops and received information that there are not many customers asking to buy USD for savings. But it is not ruled out the possibility of hoarding USD in the free market to import gold through smuggling, in the context of the prices of rings and 24K jewelry gold continuously being higher than the world prices by 3-4 million VND/tael recently” – this expert raised the issue.
Looking further ahead, experts from MB Securities Company (MBS) predict that in 2024, when global monetary policies begin to loosen, the USD is expected to depreciate widely and reduce pressure on the domestic exchange rate.
The exchange rate in 2024 will fluctuate in the range of 23,800 – 24,300 VND/USD and continue to be supported by factors including trade surplus, positive FDI capital disbursement, stable remittances, strong recovery of international tourism…
Thai Phuong
