On November 14 morning, the State Bank of Vietnam set the daily reference exchange rate at 24,290 VND per USD, up 2 VND from the previous day. The reference rate has been on an upward trend in recent weeks. Since the beginning of October, the reference rate has increased by approximately 197 VND (+0.8%).
The USD price at commercial banks also hit a new peak, surpassing the previous high set in April 2024. Vietcombank offered buying and selling rates of 25,184 VND and 25,504 VND per USD, respectively, an increase of 2 VND per USD.
Other banks, including BIDV, Eximbank, and Sacombank, followed suit, with ACB also aligning with this rate. Notably, the selling rate of 25,504 VND per USD reached the 5% ceiling allowed by the State Bank of Vietnam.
Since the beginning of October, the USD price at these banks has climbed by about 2.9%.
USD rates at banks this morning were traded at the allowed ceiling |
In the free market, money changers bought USD at 25,540 VND and sold it at 25,640 VND, about 140 VND higher than the bank rates. This is not a significant difference. Notably, in April this year, when bank USD rates rapidly increased and approached the 25,000 VND mark, free market rates surpassed 26,000 VND at some points.
The current situation indicates minimal pressure on the free market’s exchange rates.
According to analysts, the reference exchange rate and bank USD rates have been rising rapidly in recent days against the backdrop of the US Dollar Index (DXY) consistently climbing in the international market. As of this morning, the DXY has crossed the 106.4-point mark.
At a recent National Assembly questioning session, the Governor of the State Bank of Vietnam stated that since 2016, the central bank has consistently implemented solutions and steadfastly pursued the goal of controlling inflation to stabilize the value of the Vietnamese dong.
The bank has been managing the exchange rate based on the daily reference rate, which can fluctuate within a 5% margin, thereby reducing dollarization, curbing foreign currency hoarding, and boosting foreign reserves…
In the event of significant exchange rate fluctuations, the State Bank of Vietnam will promptly intervene by selling foreign currencies to meet the market’s demands.
In the gold market, the price of SJC gold bullion and 99.99% gold rings fell by 500,000 VND per tael. The selling price of SJC gold bullion stands at 83.5 million VND per tael, while gold rings of the same purity are sold by enterprises at 81.7 million VND per tael.
Thai Phuong
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