The State Bank of Viet Nam continued its incremental devaluation of the Vietnamese dong, adjusting the interbank exchange again yesterday by yet another VND10 to VND20,748 per US dollar.
The ceiling rate for commercial bank was set at VND20,955 per dollar. Vietcombank, the Bank for Investment and Development (BIDV) and Asia Commercial Bank all increased their sell rates to the same figure.
The dollar rose more dramatically yesterday on the black market, spiking by VND80 to VND100 over the previous day to buy/sell rates as of 4pm yesterday of VND21,680/VND21,730. Since the beginning of the past week, the greenback has surged by VND300 on the black market.
Vietinbank deputy general director Le Duc Tho said that the adjustments were part of the central bank's plan to create flexibility for the forex market based on real supply and demand. In the long term, he said, the State Bank aimed to provide a stable domestic currency while curbing inflation.
National Financial Supervisory Commission vice chairman Le Xuan Nghia told Sai Gon Economic Times that a significant rise in the nation's foreign currency reserves, along with a surplus of about US$4 billion in the country's balance of payments this year – the first year to see a surplus since 2007 – would help stabilise the forex market.
Meanwhile, domestic gold price rose again yesterday despite a decline in the global price. At 4pm yesterday, Sai Gon Jewelry Co Ltd posted buy/sell prices of VND43.15 million ($2,065) and VND43.47 million ($2,080) per tael, VND350,000 per tael higher than on Thursday. (One tael is equivalent to 1.2 ounces). At the same time, the world spot price on the London Bullion Market was $1,620.30 per ounce.
(source: VNS)
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24/10/2011 08:58:47 AM | 