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VIETNAM - Feb 21: Central Bank Quotes Dollar At VND20,828

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VIETNAM - Feb 21: Central Bank Quotes Dollar At VND20,828

Post  lexie on Tue Feb 21, 2012 10:06 am

February 21, 2012

Feb 21: Central Bank Quotes Dollar At VND20,828

The State Bank of Vietnam set the exchange rate for the U.S. dollar at VND20,828 Tuesday, unchanged from Monday.

Currency dealers said rates among major banks are almost flat amid thin trade because the supply of dollars in the domestic market has declined so far this week.

"Exchange rates have continually fallen since the beginning of this year because of two key factors: increased remittances sent home by overseas Vietnamese during the Lunar New Year holiday last month, and a trade surplus of $170 million in January, and I predict the rate is bottoming because the dollar supply has become smaller," said a dealer with Hanoi-based Eximbank.

Private dealers with gold shops in Hanoi and Ho Chi Minh City said their rates have fallen more than 2.5% so far this year due to weak dollar demand from the private sector because of a weak appetite for imported goods.

They said their rates are unchanged Tuesday in line with global gold prices, which were flat at $1,735 a troy ounce. Local foreign-exchange dealers often use gold prices as a benchmark to calculate dollar rates.


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