The State Bank of Vietnam has announced that it has started buying the US dollar for an additional 100 VND as of July 16.

Accordingly, the central bank increased the dollar's buying rate from 21,100 VND, which was remained for the last one year, to 21,200 VND.

In the morning session, the commercial banks of Vietcombank, BIDV, VietinBank, and ACB listed their dollar buying rate at 21,140 VND and 21,180 VND, and the selling rate between 21,220 VND and 21,240 VND.

In the flea market, the US dollar's buying and selling rates were 21,230 VND and 21,260 VND respectively.

On its website, the central bank kept the US dollar's exchange rate at 21,246 VND, unchanged from its new rate since June 19. The central bank also set the ceiling price for a dollar at 21,458.5 VND, which commercial banks were allowed to apply as an effective exchange rate, within 1 percent margin.

Last week, the central bank released the preliminary report on the currency market during the first six months. The report said that after the new rate was applied on June 19, the forex rate has stabilised and the market liquidity has been stable.

The report also said that credit rose by 3.52 percent, while the foreign reserves hit a record 35 billion USD.

According to local media, SBV Governor Nguyen Van Binh predicted that the credit growth would be more than 10 percent by the end of the year.-VNA