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Vietnam - Central Bank Sees Local Forex Market Unstable During Oct 8-14

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Vietnam - Central Bank Sees Local Forex Market Unstable During Oct 8-14

Post  lexie on Sun Oct 23, 2011 12:42 pm

October 23, 2011

Central Bank Sees Local Forex Market Unstable During Oct 8-14

The foreign exchange market was not really stable in the week ending Oct 14, the State Bank of Vietnam said in its report, blaming the psychological effects in the local gold market for forex instability.

Banks sought to convert a large quantity of Vietnamese dong received from selling gold into dollars to purchase gold on their international gold trading accounts and to increase their forex reserves, the state-run news website VnExpress (vnexpress.net) quoted an unnamed member of the Monetary Policy Advisory Council, as saying. These lenders also wanted to keep dollars to prepare for additional gold imports in case the SBV extends more gold quotas.

Recent exchange rates pressure was partly attributable to high import demand and maturing dollar loans at year end, the MPAC member added.

The central bank, during the period, adjusted up the average interbank USD exchange rates 4 times to VND20,688, up VND35/USD. In the month to date [October 21], the central bank has adjusted up dollar rate by VND120 or 0.59% in 11 times.

Commercial banks today, October 21, quoted dollar bids in between VND20.933-VND20,950 and set dollar ask at VND20,955 ceiling.


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