According to a survey conducted on April 25, the USD price in the free market has cooled down compared to the previous few days. Many foreign currency exchange points in the unofficial market have reduced the USD exchange rate by about 150-200 VND in the past two days. The current buying price is around 25,600 VND and the selling price is around 25,700 VND. Previously, the selling price of USD in the free market had reached 25,900 VND at one point.
At commercial banks, the USD price today has uniformly decreased by 10 VND to 25,477 VND (selling price), listed at the ceiling price as prescribed.
Specifically, the State Bank of Vietnam announced the central exchange rate on April 25 at 24,264 VND, a decrease of 10 VND compared to yesterday. The State Treasury of Vietnam keeps the immediate selling price of USD unchanged at 25,450 VND.
With an amplitude of +/-5%, the floor and ceiling exchange rates applied to commercial banks on April 24 are 23,051-25,477 VND. Accordingly, the USD price at banks has also uniformly decreased by 10 VND from early this morning to meet the ceiling price requirement.
Specifically, at Vietcombank, the USD price is currently listed at 25,167-25,477 VND, a decrease of 10 VND compared to yesterday. BIDV and VietinBank apply 25,177-25,477 VND and 25,166-25,476 VND respectively. Similarly, Techcombank also reduced 45 VND for buying and 10 VND for selling to 25,170-25,477 VND.
The exchange rate has shown signs of cooling down after the State Bank of Vietnam took strong intervention measures in the market. From April 19, the State Bank of Vietnam has publicly sold foreign exchange intervention to banks with negative foreign exchange status to change their foreign exchange status to 0, with an intervention exchange rate of 25,450 VND.
In parallel, the State Bank of Vietnam continues to use the credit certificate and OMO channels to regulate liquidity and interest rates in the interbank market, thereby affecting the exchange rate. In particular, the State Bank of Vietnam has increased lending through OMO and raised the interest rate from 4%/year to 4.25%/year. The move to increase OMO interest rates is expected to affect VND interest rates in market 2, thereby narrowing the USD – VND interest rate gap in the interbank market without significantly affecting the interest rate level in market 1. Through this, the operator limits the phenomenon of USD speculation, reducing pressure on the exchange rate.
