Vietnam - Central Bank Quotes Dollar At VND20,668

by lexie Tue Oct 11, 2011 9:02 am

October 11, 2011

Central Bank Quotes Dollar At VND20,668

Vietnam's central bank set the U.S. dollar's exchange rate at VND20,668 Tuesday, up from VND20,653 Monday.

Hanoi-based currency dealers said both the central bank and Vietcombank raised their rates after dollar prices increased in the free market over the past week.

"The state-run banks have had to raise their rates to avoid losing money because they had to buy dollars from the market at higher prices this week," said a dealer at a commercial bank.

Meanwhile, gold-shop rates fell slightly as banks continued to sell gold in the local market to narrow the price gap of the yellow metal between the domestic and overseas markets, the dealer said. Local dealers often use gold prices to calculate dollar rates.

The price of gold in the domestic market slid to VND43.2 million a tael ($1.700 a troy ounce) Tuesday from VND43.3 million Monday, traders said.

http://www.vietfinancenews.com/2011/10/central-bank-quotes-dollar-at-vnd20668.html