Vietnam - Dec 24: Vietnam central bank suddenly raises the reference rate to 20,828 dong/dollar

Vietnam’s central bank suddenly raised the US dollar’s exchange rate by 15 dong to 20,828 dong on December 24, marking all-time high in its history after eight days it had been kept unchanged as demand for the greenback rose at year-end.

Since October 5, the reference rate has gained 200 dong per dollar, equivalent to 0.97% increase, getting closer to the SBV’s target to limit the exchange rate rise under 1% through the year-end.

Commercial banks are allowed to apply the effective exchange rate +/-1% from the official rate set by the central bank; accordingly, the ceiling price for a dollar today was 21,036 dong.
 

Currently, VietinBank, Asia Commercial Bank, Eximbank and some other banks also raised their dollar exchange rates to 21,015-21,033 dong/US dollar (bid) and 21,036 dong/US dollar (ask).
 

Meanwhile, at 9:am Hanoi time, Vietcombank, and BIDV still bought the dollar at 21,000-21,015 dong and sold the greenback at 21,021 dong/US dollar.

                        Dollar Price Quote at Some Banks for Dec. 24, 2011

Bank	Bid	Ask
Vietcombank	21,015	21,021
ACB	21,015	21,036
Eximbank	21,000	21,036
BIDV	21,000	21,021
Vietinbank	21,033	21,036

Yesterday, the US dollar on the free market was traded at 21,220 dong (purchase) and 21,250 dong (sell).

VietBiz24

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