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 streetstraded the dollar at 21,880-21,970 VND, down 130-170 VND from Feb. 23'srate or 430 VND from Feb. 20's rate.
Trading on Feb. 24was quieter than a few days earlier. After the central bank devalued thedong by 9.3 percent against the dollar on February 11, the FX marketseemed 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 arandom check last year, the State Bank of Vietnam reported thatenterprises kept about 1-1.3 billion USD idle in bank accounts insteadof selling to commercial banks.
On Feb. 24, Prime MinisterNguyen Tan Dung stated that national economic groups and corporationscould no longer hold on to US dollars and must sell them back tocommercial banks. In turn, the banks must sell sufficient dollars toenterprises at quoted prices when they need them to settle overseasaccounts. The move, in principle, will improve the dollar liquidity ofbanks and help ease tension on the FX market. This may cool the pressureon the US dollar.
The depreciation of the dollar on thestreet on Feb. 24 pushed gold prices down by 100,000 USD per tael – or atotal 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 at37,57-37,69 million VND (1,707-1,713 USD) per tael (one tael equals 1.2ounces).
Meanwhile, global spot prices for gold edged up0.1 percent at 1,413.35 USD an ounce as spreading turmoil in Libyaand 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 streetstraded the dollar at 21,880-21,970 VND, down 130-170 VND from Feb. 23'srate or 430 VND from Feb. 20's rate.
Trading on Feb. 24was quieter than a few days earlier. After the central bank devalued thedong by 9.3 percent against the dollar on February 11, the FX marketseemed 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 arandom check last year, the State Bank of Vietnam reported thatenterprises kept about 1-1.3 billion USD idle in bank accounts insteadof selling to commercial banks.
On Feb. 24, Prime MinisterNguyen Tan Dung stated that national economic groups and corporationscould no longer hold on to US dollars and must sell them back tocommercial banks. In turn, the banks must sell sufficient dollars toenterprises at quoted prices when they need them to settle overseasaccounts. The move, in principle, will improve the dollar liquidity ofbanks and help ease tension on the FX market. This may cool the pressureon the US dollar.
The depreciation of the dollar on thestreet on Feb. 24 pushed gold prices down by 100,000 USD per tael – or atotal 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 at37,57-37,69 million VND (1,707-1,713 USD) per tael (one tael equals 1.2ounces).
Meanwhile, global spot prices for gold edged up0.1 percent at 1,413.35 USD an ounce as spreading turmoil in Libyaand 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./.
