Oct 28: Central Bank Quotes Dollar At VND20,803
Oct 28: Central Bank Quotes Dollar At VND20,803
by lexie Fri Oct 28, 2011 1:46 pm
October 28, 2011
Oct 28: Central Bank Quotes Dollar At VND20,803
Vietnam's central bank set the U.S. dollar's exchange rate at VND20,803 Friday, up from VND20,788 Thursday.
Currency dealers said the central bank and Vietcombank have continued to raise their greenback rates amid strong demand from both companies and individuals concerned with the dwindling supply of U.S. dollars in the market toward the year-end.
"As the rates have increased by 0.8% on month among the banks and 1.5% in the free market, many companies are trying to buy the greenback to clear their debts before the year-end. Banks are also buying dollars to boost their buffer funds after selling large volumes of gold in recent weeks," said a dealer with Hanoi-based Vietnam Gold & Jewelry Traders Association.
In an effort to better manage the domestic currency market, the central bank said in a statement issued late Thursday that it is asking all local and foreign-run banks to report their transactions in foreign currencies from Thursday and forecast their demand for dollars for the next two weeks.
According to dealers with goldshops in Ho Chi Minh City, the central bank's concerns over the demand for dollars are justified because a large number of companies have to import goods soon, before the holiday season in December.
"I see more people hoarding the U.S. dollar these days after the authorities started raising their penalties for illegal transactions of foreign currencies earlier this week," said a private dealer from Ben Thanh Market, a center of foreign-exchange trading in the city.
Dealers forecast the dollar to move in a VND21,500 to VND21,700 range over the weekend in the free market.
http://www.vietfinancenews.com/2011/10/oct-28-central-bank-quotes-dollar-at.html#more
Oct 28: Central Bank Quotes Dollar At VND20,803
Vietnam's central bank set the U.S. dollar's exchange rate at VND20,803 Friday, up from VND20,788 Thursday.
Currency dealers said the central bank and Vietcombank have continued to raise their greenback rates amid strong demand from both companies and individuals concerned with the dwindling supply of U.S. dollars in the market toward the year-end.
"As the rates have increased by 0.8% on month among the banks and 1.5% in the free market, many companies are trying to buy the greenback to clear their debts before the year-end. Banks are also buying dollars to boost their buffer funds after selling large volumes of gold in recent weeks," said a dealer with Hanoi-based Vietnam Gold & Jewelry Traders Association.
In an effort to better manage the domestic currency market, the central bank said in a statement issued late Thursday that it is asking all local and foreign-run banks to report their transactions in foreign currencies from Thursday and forecast their demand for dollars for the next two weeks.
According to dealers with goldshops in Ho Chi Minh City, the central bank's concerns over the demand for dollars are justified because a large number of companies have to import goods soon, before the holiday season in December.
"I see more people hoarding the U.S. dollar these days after the authorities started raising their penalties for illegal transactions of foreign currencies earlier this week," said a private dealer from Ben Thanh Market, a center of foreign-exchange trading in the city.
Dealers forecast the dollar to move in a VND21,500 to VND21,700 range over the weekend in the free market.
http://www.vietfinancenews.com/2011/10/oct-28-central-bank-quotes-dollar-at.html#more
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