The State Bank of Vietnam today increased the interbank dollar exchange rate to its highest level in the last five months. The central bank has hiked the rate six times this month, each time by VND10. Banks traded the greenback at the ceiling rate of VND20,895 while on the black market the selling price dropped by VND50 yesterday to VND21,500. Meanwhile, gold made a U-turn after rising for three days, losing VND200,000 a tael (37.5 grams), following a decline in global prices. At 8:30am today Saigon Jewelry Co sold the precious metal at VND44 million a tael. On the Asia market, spot gold dropped by US$14 an ounce this morning compared to $1,666.7. Gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, yesterday dropped 0.48 tons to 1,227.51 tons, Bloomberg reported. Reuters said gold had fallen in tandem with riskier assets Thursday on disappointing economic data from China and weaker US equity markets. Source Tuoitrenews … [Read more...] about Interbank dollar rate at 5-month peak
Black market dollar rate today
Financial regulators move to cool down dollar demand
by Ha Phuong HA NOI — The Vietnamese dong will not be further devalued against the US dollar, the Government announced yeserday, and more dollars will be injected into the economy to feed the growing demand of importers in the closing months of the year, when consumer demand for imported goods traditionally rises. The daily trading band of the dong against the US dollar would also not be widened, National Financial Supervisory Council chairman Le Duc Thuy said in a message to the public yesterday, commenting that any devaluation or trading band adjustment might have a ‘domino effect' on other economic factors, particularly inflation. The Government has also forbidden commercial banks from increasing deposit or lending interest rates for the US dollar. The coming dollar infusion would facilitate essential imports, including fuel, fertiliser and equipment, Thuy said. Foreign reserves remain below US$20 billion but are the equivalent of six or seven weeks of import value, … [Read more...] about Financial regulators move to cool down dollar demand
Ha Noi market bests HCM City
HA NOI — Shares opened the new week in positive territory on the Ha Noi Stock Exchange yesterday but declined on the HCM City Stock Exchange as the volume and value of trades on the southern bourse continued to sag. In Ha Noi, the HNX-Index rose by 0.39 per cent over Friday's close to conclude yesterday's session at 70.21 points. The volume of trades totalled nearly 60 million shares, worth over VND658 billion ($31.3 million), an increase of 17.7 per cent in volume and 30.3 per cent in value over Friday's levels. Advancers outnumbered decliners by 143-103, with "hot stocks" from PetroVietnam Construction (PVX), Kim Long Securities (KLS) and VNDirect Securities (VND) all rising. KLS, on a volume of over 9 million shares, became the most-active code in Ha Noi, hitting its ceiling price. As investor interest in shares on the Ha Noi bourse perked up, the domestic gold price declined yesterday by around VND500,000 ($24) per tael from Friday's price. At the same time, the global price … [Read more...] about Ha Noi market bests HCM City
People rush to sell dollars to stop loss, free market halts transactions
VietNamNet Bridge – The dollar price has been decreasing in recent days, which has prompted people to rush to sell dollars to stop losses. Meanwhile, the free market has halted transactions, which has been blamed on the drastic measures by the State Bank of Vietnam to stabilize the dollar price. The dollar market has been continuously going up and down since February 24, one day after the government announced the resolution to stabilize the macro economy. However, the downward trend proves to be clearer. On March 4, after a lot of ups and down, the dollar price on the black market dropped to 21,730-21,800 dong per dollar (purchase and sale prices), a decrease of 700 dong per dollar from the price one week earlier. Analysts say since Tet, people are uninterested in the dollar . Investors wish to “dispose” the dollars they have, while foreign currency exchange shops “turn their back” to the proposals to … [Read more...] about People rush to sell dollars to stop loss, free market halts transactions
USD up at banks, down on black market
Trading prices for US dollars in the banks and black market are quite different. The selling price for US dollars has been strongly increased by banks and nearly hit the regulated ceiling price recently, meanwhile, its selling price has been decreased at foreign currency trading stores on Ha Trung Street in Hanoi. The State Bank revealed that inter-bank currency exchange rate today is VND18,544 for one US dollar. Accordingly, the buying price is VND18,800 and the selling price is VND19,100. Thus, within 2 days, buying price at banks increased by VND250 or VND18,800 from VND18,550 which was the price right after the exchange rate amendment policy took effect on February 11. Selling price increased from VND18,800 to VND19,100 . However, buying prices are different at commercial banks. Some big joint stock banks bring buying prices closer to the selling price. At Vietcombank, the buying price is VND18,800 and selling price is VND19,100. At Eximbank, the buying price is VND19,040. At Asia … [Read more...] about USD up at banks, down on black market