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Vietnam - Oct 12: Central Bank Quotes Dollar At VND20,668 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Vietnam - Oct 12: Central Bank Quotes Dollar At VND20,668

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Vietnam - Oct 12: Central Bank Quotes Dollar At VND20,668 Empty Vietnam - Oct 12: Central Bank Quotes Dollar At VND20,668

Post by lexie Wed Oct 12, 2011 11:59 am

October 12, 2011


Central Bank Quotes Dollar At VND20,668


Vietnam's central bank set the U.S. dollar's exchange rate at VND20,668 Wednesday, unchanged from Tuesday.

Despite this, currency dealers from Hanoi and Ho Chi Minh City said the free-market rates have risen because of strong demand from businesses amid concerns that dollar supply would become increasingly scarce towards the year-end.


A commercial bank dealer in Hanoi said that some government economists have told state media that the central bank plans to stabilize the currency market after seeing the U.S. dollar gain against the Vietnam dong over the past two weeks. The plan is for the dollar-dong rate to fluctuate within a 1% band this quarter, "but concerns on higher prices for the greenback remain because of its thin supply," the dealer added.


A trader with Vietnam Gold Traders Association in Ho Chi Minh City said that the free market rates are also rising there because many banks are selling at rates which are actually higher than Vietcombank's quotation.


"In many cases, banks are selling at the same prices as the gold shops' quotations," the trader added.


http://www.vietfinancenews.com/2011/10/oct-12-central-bank-quotes-dollar-at.html#more



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