On the morning of April 26, the central rate was listed by the State Bank at VND24,246 per US dollar, remaining stable compared to the previous day. If compared to the peak of the central rate a few days ago around VND24,275, the rate this morning has cooled down by about VND30.
Commercial banks have also simultaneously adjusted to reduce the US dollar price. Vietcombank is trading the US dollar at VND25,148/USD for buying and VND25,458/USD for selling, decreasing by about VND30 compared to the peak near VND25,490 a few days ago.
Sacombank, ACB listed the US dollar selling price similar to Vietcombank, while the buying price was lower at around VND25,170/USD. Eximbank sold US dollars at a lower price, VND25,456/USD, while buying at VND25,160/USD, a further decrease of VND20 compared to yesterday.
US dollar price increases sharply while cooling down at banks
US dollar prices at banks have begun to cool down in the context of the State Bank declaring its readiness to intervene in selling foreign currencies into the market.
Speaking at the 2nd session of the Vietnam Economic Forum 2024 with the theme “Removing difficulties in capital and market for import-export enterprises” organized by the Newspaper of Labor on April 25, Deputy Governor of the State Bank Dao Minh Tu said that the exchange rate has cooled down and depreciated by about 4.8% compared to the end of last year, much lower than the depreciation of currencies of many other markets.
“Exchange rate is a major issue of the economy; if not managed effectively, it will affect inflation. The State Bank will flexibly manage the exchange rate, stabilize it instead of fixing it, ensure a foreign exchange status of 0 instead of negative.
There are solutions to do this including regulating the amount of money in circulation to achieve harmony; managing interest rates reasonably to be in harmony with exchange rates, calculating a reasonable level to achieve both goals” – affirmed by Deputy Governor Dao Minh Tu.
Along with the solutions of the State Bank and the decline of the US dollar in the international market, the USD/VND exchange rate has cooled down. The US dollar index in the international market is currently trading at 105.57 points, down about 0.5% compared to a few days ago.
