On the morning of April 26, the State Bank of Vietnam listed the central exchange rate at VND24,246 per USD, stable compared to yesterday. Compared to the peak of the central exchange rate a few days ago around VND24,275, the exchange rate this morning has decreased by about VND30.
Commercial banks have also simultaneously adjusted the **USD price** downward. Vietcombank is currently trading **USD** at VND25,148 per USD to buy and VND25,458 per USD to sell, a decrease of about VND30 compared to the peak of around VND25,490 a few days ago.
Sacombank, ACB listed USD selling prices similar to Vietcombank, while the buying price was lower at around VND25,170 per USD. Eximbank sold USD at a lower price, VND25,456 per USD, while buying at VND25,160 per USD, a decrease of VND20 compared to yesterday.
USD freely traded increased sharply while decreasing in banks |
The **USD** price in banks began to cool down in the context that the State Bank of Vietnam declared its readiness to intervene and sell foreign currency into the market.
Speaking at the second session of the 2024 Vietnam Economic Forum on “Resolving difficulties on capital and market for import and export enterprises” organized by Nguoi Lao Dong newspaper on April 25, Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that the exchange rate had cooled down and depreciated by about 4.8% compared to the end of last year, much lower than the depreciation of some other currencies in other markets.
“Exchange rate is a major issue for the economy if not managed effectively, it will affect inflation. The State Bank of Vietnam will flexibly manage the exchange rate, stabilize but not fix it, ensure a zero foreign exchange status and not negative.”
There are solutions to do this, including regulating the amount of money in circulation to balance it; reasonable interest rate management to balance with the exchange rate, calculating the reasonable level to achieve both goals,” affirmed Deputy Governor Dao Minh Tu.
Along with the solutions of the State Bank of Vietnam and the **USD** in the international market going down, it has helped the **USD** / VND exchange rate cool down. Currently, the **USD** index in the international market is being traded at 105.57 points, down about 0.5% compared to a few days ago.
It is noteworthy that while the bank **USD** price has cooled down, it is still maintained at a high level in the free market. This morning, some foreign exchange trading points traded **USD** at VND25,700 per USD to buy and VND25,780 per USD to sell, an increase of about VND40 compared to yesterday.
Recently, the State Bank of Vietnam, **Ho Chi Minh City** branch, has sent a document to agencies and organizations in the city to coordinate in disseminating regulations on foreign exchange buying and selling activities to the people. Accordingly, the State Bank of Vietnam recommends that when people have legitimate foreign exchange needs, they should contact licensed credit institutions in the area for guidance. Do not buy or sell foreign currency freely, which is against the law and carries potential risks.
Thai Phuong
