Vietnam - Interbank forex rate returns to record high

by lexie Wed Oct 19, 2011 11:20 am

October 19, 2011

Interbank forex rate returns to record high

The interbank dollar exchange rate was today increased by VND10 a dollar, sending it back to the record high of VND20,733 a dollar set in April 19, the State Bank of Vietnam has announced.

The rate has been hiked for 9 times this month, gaining totally VND105.

Banks’ selling ceiling price of the greenback today rose to VND20,940 a dollar accordingly.

Interbank forex rate has grown by 0.51 percent compared with the rate set on September 7, when the central bank affirmed that it would not rise by 1 percent by this year’s end.

Meanwhile on the black market, the selling price of the greenback today rose by VND50 a dollar after remaining stable at around VND21,440-21,450 a dollar since last week.

At 10am, it was sold at VND21,500 a dollar in Hanoi, the highest rate during the past six months.

With dollars in both the official and unofficial markets appreciating, experts said the central bank would face difficulty in controlling the forex rate fluctuation under 1 percent.

Earlier the central bank has promised to sell dollars to intervene when the market become heated.

According to the Banking Times newspaper, around US$150 million has been pumped in during the first week of this month to stabilize the exchange rate.

http://www.vietfinancenews.com/2011/10/interbank-forex-rate-returns-to-record.html#more

by 1alaskan Wed Oct 19, 2011 6:46 pm

Lexie,

Again thanks, the VND seems to be slowly slipping, makes me go UHM..........

by Cardiac99 Thu Oct 20, 2011 12:06 am

1alaskan wrote:Lexie,

Again thanks, the VND seems to be slowly slipping, makes me go UHM..........

I think it's the calm before the storm. At least I HOPE that's what it is. That would make sense. Bottom it out the rv it.

by 1alaskan Thu Oct 20, 2011 3:20 pm

I hope you are correct, Been buying some along the way, even at a penny, we'll do ok.

I just think the pressure on China has something to do with it, Maybe China will throw the world a bone and RV the VND and say see, we are trying.

Vietnam - Interbank forex rate returns to record high

Vietnam - Interbank forex rate returns to record high

Re: Vietnam - Interbank forex rate returns to record high

Re: Vietnam - Interbank forex rate returns to record high

Re: Vietnam - Interbank forex rate returns to record high