Dollar rises after SBV increases exchange rate

Wednesday, Jan 07, 2015 14:36

The inter-bank exchange rate is raised from VND21,246 to VND21,458 per dollar on Wednesday. — Photo

HA NOI (Biz Hub) — US dollar rates soared in commercial banks on Wednesday morning, after the State Bank of Viet Nam (SBV) announced a one-per cent increase in the inter-bank exchange rate on Tuesday.

According to news website, Vietcombank and BIDV on Wednesday listed the buying rate at VND21,450 per dollar, up 70 dong over Tuesday. Their selling rate was VND21,510 per dollar, an increase of 105 dong.

Vietinbank bought the dollar at VND21,440, up 60 dong, and also sold it at VND21,510, a rise of 105 dong. Techcombank raised the buying rate by 20 dong to VND21,410, and the selling rate by 35 dong to VND21,490.

At Eximbank, the buying rate was VND21,440 per dollar and the selling rate was VND21,520 per dollar, posting increases of 20 dong and 30 dong respectively. DongABank raised the dollar buying rate by 30 dong to touch VND21,440, and the selling rate by 45 dong to touch VND21,500 respectively.

The SBV on Tuesday lifted the inter-bank exchange from VND21,246 to VND21,458 per dollar, an adjustment effective on Wednesday. With a stipulated trading band of one per cent, now the ceiling rate is VND21,673 per dollar and the floor rate is VND21,243 per dollar.

The central bank said that the change was suitable to the developments in the global and domestic financial markets, after the exchange rate stayed unchanged for more than six months.

The adjustment is among the measures being taken to implement the national plans for socio-economic development and State budget operations this year, following Government Resolution 01/NQ-CP, issued on January 3.

Monetary policies will be flexible and closely associated with financial policies to help control inflation, ensure macro-stability and foster economic growth, the SBV said.

At a recent banking conference, SBV Governor Nguyen Van Binh said that exchange rates will rise by two per cent maximum this year. Tuesday's increase is the first adjustment of the rates in 2015. — VNS

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