On October 30th, the State Bank of Vietnam set the central exchange rate at 25,091 VND/USD, maintaining stability compared to the previous day and continuing its downward trend over the past week.
The USD exchange rate at Vietcombank, BIDV, and Agribank remained steady at 26,105 VND/USD for buying and 26,345 VND/USD for selling.
Meanwhile, in the unofficial market, some currency exchange points continued to trade at higher rates, buying at 27,540 VND/USD and selling at 27,700 VND/USD. Notably, the USD rate in the unofficial market is approximately 1,300 VND higher than in commercial banks.
According to the State Bank of Vietnam, amidst the complex global economic situation, the domestic foreign exchange market has recently seen a disparity between the USD/VND exchange rates in the banking system and those in the unofficial market.
The State Bank of Vietnam mandates stricter control over illegal USD transactions.
In response, the State Bank of Vietnam has issued directives to its regional branches in Zone I and Zone II, urging enhanced management of the foreign exchange market to prevent and combat illegal activities, thereby stabilizing exchange rates and the monetary market.
The directives instruct units to intensify inspections of foreign currency transactions at credit institutions and to collaborate with local authorities, particularly the police, to closely monitor unauthorized currency exchange points. This aims to promptly detect and severely penalize violations, ensuring market transparency and stability.
Regional branches are required to report their implementation results and actual market conditions to the Governor of the State Bank of Vietnam by November 10th.
Previously, the State Bank of Vietnam also sent communications to the Ministry of Public Security, the Ministry of Industry and Trade, and the Government Inspectorate, requesting coordinated efforts to strengthen state management of the foreign exchange market, especially during periods of significant monetary fluctuations, to ensure the safety of the national financial system.
Resident Deposits in Credit Institutions Reach 8 Quadrillion Dong
Data from the State Bank of Vietnam reveals that, to date, resident deposits in credit institutions have reached approximately 8 quadrillion VND, marking a nearly 13% increase compared to the same period last year.
Central Bank Demands Strict Action Against Illegal USD Trading Points
The State Bank of Vietnam has issued a directive to its branches in Region I and Region II, urging them to tighten foreign exchange market management. This move comes in response to significant fluctuations in exchange rates observed between the banking system and the ‘black market’.
Central Bank Injects Record VND Liquidity Since 2017, Overnight Interbank Rates Still Climb to 6% Annually
The circulating supply of OMO reached over 231.012 trillion VND by the end of the session on October 27, marking its highest level since January 2017.
Latest Interest Rate Forecast: Savings and Loan Rates Poised to Rise in Q4
According to KB Securities, several banks have recorded credit growth exceeding 20% in the first nine months of the year, which could put upward pressure on deposit interest rates. Lending interest rates at many banks have stabilized in recent months, following a significant downward adjustment since the beginning of the year.
Is the Sharp Rise in Black Market USD Rates a Cause for Concern?
The black market USD price is nearing the 28,000 VND/USD mark, surpassing the official market rate by over 1,000 VND/USD. Experts suggest that while the unofficial market is rising, it’s unlikely to significantly impact the overall economy, as the State Bank continues to intervene and stabilize USD rates within the banking sector.
