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VIETNAM - Central Bank Quotes Dollar At VND20,813

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VIETNAM - Central Bank Quotes Dollar At VND20,813

Post  lexie on Thu Dec 15, 2011 5:52 pm

December 15, 2011

Central Bank Quotes Dollar At VND20,813

Vietnam's central bank set the U.S. dollar's exchange rate at VND20,813 Thursday, unchanged from Wednesday.

Foreign-exchange dealers said rates in the interbank market are flat, giving companies and investors time to digest an increase Wednesday in the official rates by the central bank and Vietcombank amid stronger demand for the U.S. dollar in the local market.

"There are several reasons pushing up the dollar rate right now: a rising buying demand from companies to pay back their debts before the year-end, businesses seeking to borrow dollar loans to take advantage of low interest rates, and the government wants to encourage exporters," said a dealer with Ho Chi Minh City-based Sacombank.

The dealer added that many local individuals have also switched their funds from gold and the euro into the relative safety of the U.S. dollar this week.

According to dealers with gold shops at Ben Thanh Market, a foreign-exchange trading center in Ho Chi Minh city, local dollar rates rose Thursday even though gold prices in the global market have fallen to $1,580 a troy ounce from Wednesday's $1,640.

"Usually local gold shops use gold prices as a benchmark to calculate dollar rates, but because of stronger demand for the greenback these days, the dollar rates are bucking the trend and I expect the rate would hit VND21,300 soon," said a goldshop onwer.


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