Illustrative image (Source: VNA)

Hanoi (VNA) – The State Bank of Vietnam cut 5 VND from the daily reference exchange rate for July 4, setting the rate at 22,630 VND/USD.

 With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,309 VND/USD and the floor rate 21,951 VND/USD.

The rates listed at some commercial banks saw mixed changes, with Vietcombank reducing both rates by 5 VND but several others continuing to raise their rates.   

The rates listed at Vietcombank were 23,000 VND/USD (buying) and 23,070 VND/USD (selling).

BIDV added 20 VND to both rates, buying the green back at 23,010 VND/USD (buying) and selling at 23,080 VND/USD.

Techcombank is listing the buying rate at 22,980 VND/USD, up 50 VND from the previous day and the selling rate at 23,080 VND/USD, up 40 VND.

The reference exchange rate has been on a downward trend since the beginning of this week, but the rates listed at commercial banks continued to rise strongly.

SBV Governor Le Minh Hung reported at an online conference between the Government and localities on July 2 that the SBV ’s net purchase of foreign currencies exceeded 11 billion USD in the first half of 2018, increasing the nation’s foreign exchange reserves to approximately 63.5 billion USD.

He said recent increase in the foreign exchange rate was predictable as the US Federal Reserve (Fed) pushed up its interest rates and the dollar appreciated in international markets.

Hung stated that the SBV is willing to interfere in the local foreign exchange market if supply-demand problems arise, in order to stabilise the exchange rate and prevent macro-economic risks.-VNA