Commercial banks raise US dollar rate

Friday, May 16, 2014 14:42

Commercial banks raise the US dollar exchange rate on May 16.— Photo
HA NOI (Biz Hub) — Most of the commercial banks raised the US dollar exchange rate rapidly on May 16, while the gold prices stayed flat after reaching a one-month high recently.

While the State Bank of Viet Nam kept its exchange rate of VND21,036 for US$1 unchanged, as it has during the last 10 months, the commercial banks kept raising the dollar's selling value between VND40 and VND50 and the buying value between VND20 and VND30 this morning.

At 11am, Vietcombank added another VND50 to each dollar's selling rate, raising it to VND21,175 and was buying it for VND21,120, which was VND25 higher than Thursday's rate.

The rates in the other commercials banks were also increased. The selling and buying rates were VND21,120 and VND21,170 respectively, in the Bank for Investment and Development of Viet Nam; and VND21,130 and VND21,180 respectively in VietinBank and Asia Commercial Bank.

According to the central bank, commercial banks were allowed to apply an effective exchange rate +/-1% from the official exchange rate set by the central bank. Accordingly, the ceiling price for a dollar today was VND21,246.

In the open market, traders added more than VND100 for each dollar compared to May 15. At the most popular forex spot in Ha Noi, the Quoc Trinh Jewellery Company in Ha Trung Street listed each US dollar at VND21,300 to VND21,340.

On May 16, one tael of the state-owned SJC gold was selling for VND36.55 million, or $1,740, at the Saigon Jewellery Company. The rate was the same as the day before.

The gold trading floor put the gold price at $1,296.9 per ounce or $1,562 per tael. Thus, each tael of gold in Viet Nam was $178 higher than in the world market. — VNS

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