US dollar stays at high level

The greenback rate remained at the ceiling price on August 25 despite the State Bank of Vietnam (SBV)’s August 24 announcement of no adjustment to the VND/USD rate through early 2016.

Tuesday, August 25, 2015 17:15

Illustrative image (Photo:marketwatch)

The greenback rate remained at the ceiling price on August 25 despite the State Bank of Vietnam (SBV)’s August 24 announcement of no adjustment to the VND/USD rate through early 2016.

Major banks – Vietcombank, Techcombank, BIDV, Vietinbank – maintained their dollar buying/selling USD prices unchanged from the day before.

Vietcombank’s rate was 22,500/22,547 VND per one USD (buying/selling), while the rate at Techcombank was 22,420/22,547 VND per one USD.

Both BIDV and the Vietinbank posted their buying and selling rates at 22,350/22,480 VND per one USD.

Sai Gon Thuong Tin Bank (Sacombank) raised its buying price by 20 dong to 22,480 dong and kept selling rate at the ceiling price of 22,547 VND.

SBV Deputy Governor Nguyen Thi Hong said in a press release issued late on August 24 that the SBV will not make any further adjustment to the Vietnam Dong/US Dollar exchange rate this year.

She said the exchange rate fluctuation was mainly due to psychological factors amid China’s surprise devaluation of its Yuan currency and probably rumors attempting speculation.

She noted that the SBV’s adjustment to the trading band of Vietnam Dong/US Dollar was a pre-cautionary move, taking into account the possibility that the US’s Federal Reserve Bank (Fed) will make a liftoff in interest rates.

Meanwhile, the dropping of gold prices in the international market has led to a standstill in the domestic market at 34.75 million VND (buying) and 35.3 million VND (selling) per tael (around 1.2 ounces).-VNA

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