Hike in USD selling price matches market fluctuations: SBV official
The State Bank of Vietnam (SBV)’s revision of the USD selling price up to 23,273 VND on July 23, a strong increase from the rate it had kept from the month’s beginning, is a move suitable with domestic and foreign markets, an SBV official said.
The revision of the USD selling price up to 23,273 VND on July 23 is said to be a move suitable with domestic and foreign markets (Photo: LienVietPostBank)Hanoi (VNA) – The State Bank of Vietnam (SBV)’s revision of the USD selling price up to 23,273 VND on July 23, a strong increase from the rate it had kept from the month’s beginning, is a move suitable with domestic and foreign markets, an SBV official said.
Pham Thanh Ha, Director of the SBV’s Monetary Policy Department, said after the SBV slashed the USD selling price to 23,050 VND on July 3, the exchange rate became relatively stable, mainly around 23,040 – 23,050 VND per USD.
The central bank has sold the greenback to credit organisations with short foreign currency position to supply more USD for the market. It has also used other monetary policy tools to stabilise the exchange rate and satisfy demand for the foreign currency.
He said that the SBV’s intervention to cut the USD selling price to 23,050 VND has helped stabilise the exchange rate and the forex market.
The selling price revision up to 23,273 VND on July 23 aimed to better align the exchange rate with movements in the domestic and global markets. It was also meant to show that the SBV is ready to support the market with a reasonable exchange rate, Ha noted.
On July 23, the reference exchange rate was set at 22,644 VND, down 16 VND from July 20. With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day was 23,323 VND/USD and the floor rate 21,965 VND/USD.
The same day, the SBV Operations Centre listed the USD prices at 22,700 VND (buying) – 23,273 VND (selling), up 223 VND from the prices it announced on July 3.
Ha said the central bank will maintain a monetary policy helping control inflation and stabilising the macro-economy.
It will continue adjusting the exchange rate in a flexible manner and in accordance with domestic and foreign markets. It will also make use of other tools and be ready to sell the USD when necessary to stabilise the forex market.-VNA
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
Business
Dong Nai calls for Korean investment into green growth
The southern province Dong Nai introduced its investment projects and incentives to the Republic of Korea (RoK)’s firms at a workshop in Seoul on April 25.
Business
Vietnam ranks fifth among aquatic product suppliers for Singapore
Vietnam jumped one place to become the fifth largest exporter of aquatic products to Singapore for the first time in the first quarter of this year, according to its Trade Office in the city state.
Business
Forum seeks ways to boost exports amid external challenges
Experts gathered at a forum in Ho Chi Minh City on April 25 to seek ways to untangle knots in terms of capital and market for exporters in the context that the ongoing conflicts in many regions are disrupting international trade.
Business
Enterprises want clearer regulations on seafood production
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Business
InfographicRice exports up 40% in Q1
According to the Ministry of Agriculture and Rural Development, Vietnam exported 2.07 million tonnes of rice in the first quarter of 2024, earning 1.37 billion USD in revenue. This represents a 12% increase in volume and 40% in value compared to the same period of 2022.
