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Vietnam Central Bank Keeps Dollar Exchange at VND20,628

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Vietnam Central Bank Keeps Dollar Exchange at VND20,628

Post  ADMIN on Tue Oct 04, 2011 7:46 am

Oct 4: Vietnam Central Bank Keeps Dollar Exchange at VND20,628

Vietnam’s central bank set the U.S. dollar’s exchange rate at VND20,628 on Tuesday, unchanged for 35 straight working days, longest string since it was introduced this year.

Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND20,824.

Commercial banks also kept their dollar prices quote unchanged, selling dollar at the ceiling VND20,834 and buying dollar at VND20,790- 20,830.
Dollar Price Quote for October 4, 2011

Dollar prices at the gold shops in Hanoi were last trading at VND21,350-21,400 for bid and ask respectively, VND550 higher than the official ceiling rate.
The State Bank of Vietnam (SBV) sold out 150 million dollars (VND3,000 billion) from Sept 26-29 to stabilize the USD/VND exchange rate, the Thoi Bao Kinh Te Sai Gon (the Saigon Times) reported.

The Ministry of Trade and Industry’s import-export department said that Vietnam spent $1.5 billion on importing gold in the first 9 months of this year, fourfold increase year on year.

Local media reported that SJC and selective banks in Vietnam will be allowed to reopen their international gold trading account as they will establish a gold fund to stabilize local market. The move is expected to limit dollar outflows and calm the local gold fever, therefore, easing pressure on the dong downward adjustment.



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