VIETNAM - Nov 03: Central Bank Quotes Dollar At VND20,803

by lexie Thu Nov 03, 2011 5:28 pm

November 3, 2011

Nov 03: Central Bank Quotes Dollar At VND20,803

Vietnam's central bank set the U.S. dollar's exchange rate at VND20,803 Thursday, unchanged from Wednesday.

Currency dealers from Hanoi and Ho Chi Minh City said the rates are unchanged in both the official and private markets today after the central bank forecast total remittances to Vietnam from Vietnamese living and working abroad are expected to rise to $8.5 billion this year from $8 billion last year.

"Though demand for the U.S. dollar remains strong these days, but the increased remittance figure is expected to temporarily help keep the rate flat or little changed for a while, before going up further soon," said a commercial bank dealer.

He noted that financial analysts at banks said they expect the rate in the free market to hit VND22,000 before the end of the year, driven by strong corporate demand as many importers will need dollars to pay for goods before the month-long holiday season from Christmas to the Lunar New Year.

http://www.vietfinancenews.com/2011/11/nov-03-central-bank-quotes-dollar-at.html#more