Vietnam Dong remains stable for third consecutive week

by **ADMIN** Mon Jun 27, 2011 12:48 am

Vietnam’s dong on June 27 remains stable as the State Bank of Vietnam (SBV) kept its reference rate’s midpoint unchanged at VND20,618 for the third consecutive week, the central bank’s data on its website showed.

Given the latest midpoint rate, the dollar prices could move between 20,412 and 20,824 in interbank transactions, within the central bank-imposed daily trading band of +/-1%.

Dollar exchange rates at the central bank’s foreign exchange office were still quoted at VND 20,600 and VND20,824 for bid and ask, while those at Vietcombank were VND20.540 and VND 20,610 for bid and ask, respectively.

After Asian Commercial Bank, Kien Long Bank was the second lender to purchase dollars higher than its quoted bid since early June, the state media reported, specifying that it added VND 20 per dollar for purchases in cash and VND 10 for account transfer, applicable for both individuals and businesses who sell dollars and deposit dong at the bank.

This new product is in line with the SBV’s policy of discouraging dollar holdings by the public and organizations, and encouraging them to sell dollars to the banks, Kien Long Bank explained.

http://vietnambusiness.asia/vietnam-dong-remains-stable-for-third-consecutive-week/