VietNamNet
Bridge – Commercial banks have quoted
the dollar prices higher by 20-60 dong per dollar than the black market. Some
banks have pushed up the purchase prices for the last several days.
On the
morning of March 22, at Vietcombank, dollar was sold at 20,950 dong per dollar,
and bought by the bank at 20,850 dong. The prices represented a 20 dong per
dollar increase in the buy price and 60 dong in sale price in comparison with
the day before, March 21.
Vietinbank
on March 22 quoted the purchase price at 20,828 dong per dollar and sale price
at 20,900 dong per dollar. The purchase price has been kept unchanged, while
the sale price has increased by 50 dong compared with earlier this week.
Other
banks have also followed the move, raising the sale price to 20,900 dong per
dollar for the last two days. The Asia Commercial Bank (ACB) quoted the prices
at 20,830-20,900 dong per dollar on March 22.
Especially,
at Eximbank, well-known as a big foreign currency trader, the buy price in the
afternoon was higher by 15 dong per dollar than the opening price. Meanwhile,
the price was 45 dong per dollar higher than that of March 21.
VIB
Bank quoted the big gap between the purchase and sale prices of 100 dong per
dollar (20,850-20,950 dong per dollar). VP Bank and Maritime Bank quoted the
buy price at 20,820 dong, and the sale prices at 20,900 and 20,930 dong,
respectively.
An
officer of Maritime Bank revealed that the dollar price has been moving up a
little for the last some days. However, she said that the dollar supply is
still profuse and the bank can satisfy the demand of buyers.
The
dollar has also got more expensive in the black market. However, it is quite a
surprise that the dollar prices in the market are still lower than that quoted
by commercial banks. (In general, the rates quoted by banks are always lower
than that on the black market, because banks have to follow the foreign
exchange policy set by the State Bank).
On Ha
Trung Street, well-known as the foreign exchange street in Hanoi, at 9,30 of
March 22, the exchange shops here bought dollar at 20,860 dong (10-40 dong per
dollar higher than bank’s price) and sold at 28,880 dong (20-60 dong cheaper
than banks).
A
banker has said that the dollar market is heating up because of the high
demand. Nguyen Thanh Toai, Deputy General Director of ACB, said that the
current supply is shorter than the demand, which has pushed the dollar price
up.
Declining
to make comments about why the black market price is lower than bank price,
Toai said that it is likely that the heavier punishments stipulated in the
Decree 95 have deterred the black traders.
Bankers
have denied the information that they are trying to collect dollars to push up
the lending in dollars to businesses. Local newspapers have reported that
businesses are rushing to borrow dollars prior to May 2, when the new
regulation on lending in foreign currencies takes effect.
Director
of a joint stock bank said his bank has excessive capital in dollars and he
wants to push up lending. However, the bank will only provide loans to the
borrowers who can prove their debt payment capability.
Eximbank
General Director Truong Van Phuoc, said the dollar price has been increasing
recently because of the market supply and demand changes. Some days ago, the
State Bank released the Circular No. 07 stipulating that the foreign currency
position of a bank must not be higher than 20 percent (instead of 30 percent as
previously) on the own capital. Phuoc thinks that the circular might have some
little effects on the market.
Source:
VnExpress
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Healthcare and Life Science with expertise in ASEAN. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programmes. Many thanks for visiting www.yourvietnamexpert.com and/or contacting us at contact@yourvietnamexpert.com
No comments:
Post a Comment