On November 29th morning, the State Bank of Vietnam set the daily reference exchange rate at 24,251 VND per USD, a significant drop of 20 VND from the previous day. This marks the third consecutive day of decline for the reference rate.
Commercial banks have also witnessed a sharp fall in USD rates over the past few days. Vietcombank offered buying and selling rates of 25,160 VND and 25,463 VND per USD, respectively, a decrease of about 20 VND compared to the previous day.
Eximbank and ACB followed suit, with buying rates of 25,140 VND per USD, while their selling rates matched Vietcombank’s at 25,463 VND.
Over the last three days, the USD rates at these banks have dropped by a total of approximately 46 VND.
This cooling-off in exchange rates comes as the US dollar weakens globally. The US Dollar Index (DXY) dipped to 105.8 points in the morning, reflecting a roughly 1.6% decline from its peak over a week ago.
 Commercial banks witness a sharp fall in USD rates. |
In Official Dispatch No. 122/CĐ-TTg sent to the Governor of the State Bank, the Prime Minister instructed the central bank to actively, flexibly, promptly, and effectively manage monetary policy, closely coordinating it with a reasonably expanded fiscal policy and other macroeconomic policies.
The focus is on more vigorously and effectively carrying out tasks and solutions related to managing interest rates, exchange rates, credit growth, the open market, money supply, and reducing lending rates to provide affordable capital for the economy.
Previously, in a response to the National Assembly, Governor Nguyen Thi Hong affirmed that the State Bank would closely monitor market developments and, if necessary, intervene by selling foreign currencies in case of significant fluctuations in exchange rates.
While the Federal Reserve’s interest rate cut may seem to ease pressure on exchange rates, Vietnam’s rates and foreign exchange market are influenced by multiple factors and depend on the economy’s foreign currency supply and demand.
The State Bank remains steadfast in its goal of maintaining the Vietnamese dong’s stability, employing a combination of interest rate and exchange rate policies to make the local currency more attractive and encourage the public to convert their foreign currency holdings into dong.
Thai Phuong
The Prime Minister Directs the State Bank of Vietnam to Enhance Credit Management Solutions for 2024
Prime Minister requests SBV to focus on more drastically and effectively performing the tasks and solutions on directing interest rates, exchange rates, credit growth, open market operations, money supply, and reducing the lending interest rate floor to provide the economy with capital at a reasonable cost.
The Power of Compounding: Maximizing Returns, Nurturing Business Growth
“Despite a slight uptick in deposit rates, banks are unlikely to raise lending rates as they strive to boost credit growth towards the year-end. The industry’s focus on maintaining accessible borrowing rates underscores their commitment to supporting economic expansion and recovery.”
The Art of Financial Flexibility: Central Bank’s Credit Extension
This adjustment was made amidst well-controlled inflation, falling below the target set by the Government and the National Assembly. The move was in line with the directives of the Government and the Prime Minister to manage the monetary policy flexibly, effectively, and promptly to meet the capital needs of the economy and support production and business development.
Unlocking Housing Opportunities: The Prime Minister Calls for Transparency in Social Housing Credit Packages
As per the Prime Minister’s instructions, the State Bank of Vietnam must direct credit institutions to effectively implement and ensure transparency in the social housing and worker housing credit package.
Unleashing the Potential: Bolster Domestic Market Growth and Stimulate Consumer Demand
Prime Minister Pham Minh Chinh has signed Dispatch No. 121/CD-TTg, dated November 26, 2024, on continuing to boost domestic market development and stimulating consumer demand.
