Vietnam - Oct 27: Central Bank Quotes Dollar At VND20,788

by lexie Thu Oct 27, 2011 11:16 am

October 27, 2011

Oct 27: Central Bank Quotes Dollar At VND20,788

Vietnam's central bank set the U.S. dollar's exchange rate at VND20,788 Thursday, up from VND20,768 Wednesday.

Currency dealers from Hanoi and Ho Chi Minh City said the official rate for the greenback has continued to rise rapidly for a third day this week because demand for the U.S. dollar is very strong among commercial banks after the government imposed heavy penalties on illegal trading of foreign currencies in the free market earlier this week.

"As companies and individuals find it difficult to buy the greenback from the free market, they have to turn to banks and this has pushed up the offer rates by banks for the U.S. dollar," said a Hanoi-based commercial bank dealer.

The central bank said in a statement issued late Wednesday that it is working with the ministries, military and police forces to stem the illegal transactions of foreign currencies in the market.

Dealers with a private goldshop in Ho Chi Minh's Ben Thanh Market said prices for the dollar have fallen slightly because it is seeing fewer clients this week, and prices quoted were only for small deals. "The prices would be higher for the deals of large quantity," said a dealer.

http://www.vietfinancenews.com/2011/10/oct-27-central-bank-quotes-dollar-at.html#more