The US dollar and Vietnamese dong exchange rate eased further on November 27 after the State Bank of Vietnam (SBV) pledged to sell dollars.
The Bank for Investment and Development of Vietnam on November 27 quoted the dollar at 21,380 VND to 21,400 VND while the Vietnam Technological and Commercial Bank (Techcombank) quoted the dollar at 21,350 VND to 21,400 VND, a 10 VND decline from the previous day for both banks.
Asia Commercial Bank and Export and Import Commercial Bank also reduced their selling rates by 35 VND to 21,350 VND and their buying rates by 2 VND to 21,398 VND.
SBV Deputy Governor Nguyen Thi Hong on November 19 told news website VnExpress that to stabilise the forex market, the SBV had announced it would sell dollars to commercial banks and was consulting the banks on their demands, which would be readily met if necessary.
The commercial banks' exchange rate had continuously fluctuated since early this month and hit the highest rate in five months at 21,420 VND on November 19.
Nguyen Thanh Toai, ACB Deputy General Director, said his bank had also asked the SBV for the dollar purchase, but he did not reveal the figures.
Toai attributed the devaluation of the dollar against the dong to higher demands at year-end. However, he said, the dollar supply in the banking system could meet demand.
Banks have almost met the dollar demands of export and import companies, provided that they complied with the necessary requirements, Toai added.
Exporters and importers have also affirmed that commercial banks have met their dollar demands.
Trinh Xuan Lam, Director of the Tien Du Garment Export Company, said many banks have offered to buy dollars from his company.
The SBV said the country's dollar supply and demand resources remained stable to date, with foreign exchange reserves of 35 billion USD and a payment balance surplus of 11 billion USD.-VNA
The Bank for Investment and Development of Vietnam on November 27 quoted the dollar at 21,380 VND to 21,400 VND while the Vietnam Technological and Commercial Bank (Techcombank) quoted the dollar at 21,350 VND to 21,400 VND, a 10 VND decline from the previous day for both banks.
Asia Commercial Bank and Export and Import Commercial Bank also reduced their selling rates by 35 VND to 21,350 VND and their buying rates by 2 VND to 21,398 VND.
SBV Deputy Governor Nguyen Thi Hong on November 19 told news website VnExpress that to stabilise the forex market, the SBV had announced it would sell dollars to commercial banks and was consulting the banks on their demands, which would be readily met if necessary.
The commercial banks' exchange rate had continuously fluctuated since early this month and hit the highest rate in five months at 21,420 VND on November 19.
Nguyen Thanh Toai, ACB Deputy General Director, said his bank had also asked the SBV for the dollar purchase, but he did not reveal the figures.
Toai attributed the devaluation of the dollar against the dong to higher demands at year-end. However, he said, the dollar supply in the banking system could meet demand.
Banks have almost met the dollar demands of export and import companies, provided that they complied with the necessary requirements, Toai added.
Exporters and importers have also affirmed that commercial banks have met their dollar demands.
Trinh Xuan Lam, Director of the Tien Du Garment Export Company, said many banks have offered to buy dollars from his company.
The SBV said the country's dollar supply and demand resources remained stable to date, with foreign exchange reserves of 35 billion USD and a payment balance surplus of 11 billion USD.-VNA
