Since March 11th, the central exchange rate has decreased from 23,972 VND to 23,957 VND/USD. |
On March 13th, the State Bank of Vietnam announced the central exchange rate as 23,957 VND/USD, an increase of 2 VND/USD. However, if we calculate from March 11th (the date when the State Bank of Vietnam issued bonds) until now, the central exchange rate has decreased from 23,972 VND to 23,957 VND/USD.
On the other hand, the VND/USD exchange rate at Vietcombank, BIDV, Sacombank, Eximbank, etc. has decreased by about 10 VND, selling at around 24,800 VND/USD.
Meanwhile, the USD price on the free market traded by foreign currency dealers is selling at 25,550 VND/USD, a decrease of 150 VND compared to the highest price set on March 11th.
In an exchange with reporters, a senior leader of the State Bank of Vietnam stated that the interbank exchange rate has been increasing rapidly recently.
The State Bank of Vietnam identified the main reason as the surplus of short-term VND liquidity in the banking system. Therefore, it needs to be regulated through the issuance of bonds to support the exchange rate.
Accordingly, through 2 bond auctions, 13 institutions have successfully bid with an interest rate of 1.4% per year. The State Bank of Vietnam has attracted 30,000 billion VND. This can cause the VND interest rate in the interbank market to increase, narrowing the difference with the USD interest rate, and contributing to cooling down the VND/USD exchange rate.
By Thy Tho – Photo: Hoang Trieu
