Dollar falls after record high
The greenback on Feb. 24 was down to 21,880 VND after reaching a record Vietnamese high of 22,400 VND on Feb. 20.
The greenback on Feb. 24 was down to 21,880 VND after reaching a record Vietnamese high of 22,400 VND on Feb. 20.
This follows a State Bank order for enterprises to sell excess US dollars to commercial banks.
Foreign exchange (FX) vendors on Ha Trung and Tran Nhan Tong streets traded the dollar at 21,880-21,970 VND, down 130-170 VND from Feb. 23's rate or 430 VND from Feb. 20's rate.
Trading on Feb. 24 was quieter than a few days earlier. After the central bank devalued the dong by 9.3 percent against the dollar on February 11, the FX market seemed confused and the dollar appreciated for 10 consecutive days.
"It was a natural response, but the FX market is gradually stabilising. Some entrepreneurs told me they started selling dollars to banks," State Bank of Vietnam 's Governor Nguyen Van Giau said.
In fact, enterprises are the main dollar holders in Vietnam . In a random check last year, the State Bank of Vietnam reported that enterprises kept about 1-1.3 billion USD idle in bank accounts instead of selling to commercial banks.
On Feb. 24, Prime Minister Nguyen Tan Dung stated that national economic groups and corporations could no longer hold on to US dollars and must sell them back to commercial banks. In turn, the banks must sell sufficient dollars to enterprises at quoted prices when they need them to settle overseas accounts. The move, in principle, will improve the dollar liquidity of banks and help ease tension on the FX market. This may cool the pressure on the US dollar.
The depreciation of the dollar on the street on Feb. 24 pushed gold prices down by 100,000 USD per tael – or a total of 800,000 VND per tael from weekend.
SaigonJewellery Co, the Sacombank Jewellery Co, Bao Tin Minh Chau, Agribank Jewellery Co and Phu Nhuan Jewellery Co were trading gold at 37,57-37,69 million VND (1,707-1,713 USD) per tael (one tael equals 1.2 ounces).
Meanwhile, global spot prices for gold edged up 0.1 percent at 1,413.35 USD an ounce as spreading turmoil in Libya and soaring oil prices stoked the worry of slower economic growth. Investors seeking security are turning to gold bullion.
Late on Feb. 24, gold price rebounded to 37.76-37.88 VND (1,716-1,721 USD) per tael, and the dollar was up to 22,000 VND./.
This follows a State Bank order for enterprises to sell excess US dollars to commercial banks.
Foreign exchange (FX) vendors on Ha Trung and Tran Nhan Tong streets traded the dollar at 21,880-21,970 VND, down 130-170 VND from Feb. 23's rate or 430 VND from Feb. 20's rate.
Trading on Feb. 24 was quieter than a few days earlier. After the central bank devalued the dong by 9.3 percent against the dollar on February 11, the FX market seemed confused and the dollar appreciated for 10 consecutive days.
"It was a natural response, but the FX market is gradually stabilising. Some entrepreneurs told me they started selling dollars to banks," State Bank of Vietnam 's Governor Nguyen Van Giau said.
In fact, enterprises are the main dollar holders in Vietnam . In a random check last year, the State Bank of Vietnam reported that enterprises kept about 1-1.3 billion USD idle in bank accounts instead of selling to commercial banks.
On Feb. 24, Prime Minister Nguyen Tan Dung stated that national economic groups and corporations could no longer hold on to US dollars and must sell them back to commercial banks. In turn, the banks must sell sufficient dollars to enterprises at quoted prices when they need them to settle overseas accounts. The move, in principle, will improve the dollar liquidity of banks and help ease tension on the FX market. This may cool the pressure on the US dollar.
The depreciation of the dollar on the street on Feb. 24 pushed gold prices down by 100,000 USD per tael – or a total of 800,000 VND per tael from weekend.
SaigonJewellery Co, the Sacombank Jewellery Co, Bao Tin Minh Chau, Agribank Jewellery Co and Phu Nhuan Jewellery Co were trading gold at 37,57-37,69 million VND (1,707-1,713 USD) per tael (one tael equals 1.2 ounces).
Meanwhile, global spot prices for gold edged up 0.1 percent at 1,413.35 USD an ounce as spreading turmoil in Libya and soaring oil prices stoked the worry of slower economic growth. Investors seeking security are turning to gold bullion.
Late on Feb. 24, gold price rebounded to 37.76-37.88 VND (1,716-1,721 USD) per tael, and the dollar was up to 22,000 VND./.
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