The State Bank of Vietnam announced the central exchange rate of the Vietnamese Dong against the USD on September 12 at 24,187 VND per USD, a decrease of 25 VND from the previous session.
With a 5% fluctuation band, commercial banks are allowed to trade the USD within a range of 25,396 VND per USD and 22,978 VND per USD.
The reference buying rate for USD remains unchanged at 23,400 VND per USD, while the selling rate decreased by 26 VND from the previous day to 25,346 VND per USD.
At commercial banks, the USD/VND exchange rates were significantly adjusted downwards. Many banks lowered the USD value by more than 100 VND compared to the previous day, September 11th.
USD rates at banks declined sharply. Photo: Hoang Ha |
At 11:07 am on September 12, Vietcombank listed the buying rate for USD cash at 24,380 VND per USD and the selling rate at 24,750 VND per USD, an 85 VND decrease from the previous day’s opening rates.
VietinBank also lowered its buying and selling rates for USD to 24,365-24,705 VND per USD, a decrease of 115 VND from the previous day.
Another state-owned banking giant, BIDV, reduced the buying and selling rates for USD by 100 VND each, listing them at 24,400-24,740 VND per USD.
In the private banking sector, banks unanimously lowered their rates for the US dollar.
ACB set the buying rate for USD cash at 24,340 VND per USD and the selling rate at 24,700 VND per USD, a decrease of 130 VND from the previous day’s opening rates.
Similarly, Techcombank lowered its buying rate for USD cash to 24,350 VND per USD and the selling rate to 24,744 VND per USD, a decrease of 98 VND and 110 VND, respectively, from the previous day’s opening rates.
Sacombank listed the buying and selling rates for USD at 24,400-24,750 VND per USD, a decrease of 100 VND and 110 VND, respectively, from the rates on September 11th.
Meanwhile, in the free market, USD rates remained high.
USD rates at foreign exchange points in the free market are currently trading at around 25,140-25,240 VND per USD (buying-selling).
The gap between USD rates in the free market and banks is widening. Compared to bank rates, the buying rate for USD in the free market is nearly 800 VND higher, and the selling rate is approximately 500 VND higher.
In the global market, the USD tends to strengthen again after the US released inflation figures.
The US Consumer Price Index (CPI) for August rose 0.2%, matching July’s increase. This has significantly reduced the likelihood of a rate cut by the US Federal Reserve (Fed) next week.
Hanh Nguyen
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