SBV dollar sale pledge helps exchange rate

Friday, Nov 28, 2014 08:28

Exporters and importers have also affirmed that commercial banks have met their dollar demands.— Photo Vneconomy

HA NOI (Biz Hub) — The US dollar and Vietnamesedongexchange rate eased further yesterday after the State Bank of Viet Nam (SBV) pledged to sell dollars.

The Bank for Investment and Development of Viet Nam yesterday quoted the dollar at VND21,380 to VND21,400 while the Viet Nam Technological and Commercial Bank (Techcombank) yesterday quoted the dollar at VND21,350 to VND21,400, a 10 dong decline from the previous day for both banks.

Asia Commercial Bank and Export and Import Commercial Bank also reduced their selling rates by VND35 to VND21,350 and their buying rates by 2 dong to VND21,398.

Last Wednesday, SBV Deputy Governor Nguyen Thi Hong told news website VnExpressthat 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 VND21,420 last 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 thedongto 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 countrys dollar supply and demand resources remained stable to date, with foreign exchange reserves of US$35 billion and a payment balance surplus of $11 billion. — VNS

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