Vietnam - Central Bank Quotes Dollar At VND20,803; Unchanged From Friday

by lexie Mon Dec 05, 2011 10:40 am

December 5, 2011

Central Bank Quotes Dollar At VND20,803; Unchanged From Friday

Vietnam's central bank set the U.S. dollar's exchange rate at VND20,803 Monday, unchanged from Friday. Foreign-exchange dealers said rates in the free market have fallen as a result of weak demand from importers.

"Usually the demand for the U.S. dollar is very strong before the year-end because many importers would need to buy the greenback to pay for their imports, but this year the consumption of imported goods is very weak, resulting in weak demand for dollars," a dealer with Hanoi-based Eximbank said.

The dealer noted that many Vietnamese consumers were still struggling with the aftermath of the global financial crisis, especially a hard landing in the property sector. "It's understandable that their purchasing power has been weakened," the dealer said.

Dealers they expect the dollar to move in a range of VND21,100 to VND21,150 this week

http://www.vietfinancenews.com/2011/12/central-bank-quotes-dollar-at-vnd20803.html#more