HA NOI (Biz Hub) — The State Bank of Viet Nam's Central Banking Department yesterday unexpectedly increased the US dollar price bought from commercial banks by VND274 to VND21,100 after keeping the rate unchanged for the past month.

Interbank rate, however, remained stable at VND21,036 yesterday, unchanged since June 28.

CEO of a commercial bank, who declined to be named, attributed the price rise to the SBV's move to resume the buying of the greenback after only selling it to stabilise the forex market during two weeks last month.

The central bank decided to buy dollars again when it saw liquidity in the market improve and the cooling of the recent surge in exchange rates, he said.

For the past week, the central bank has stopped selling dollars, but the market has remained stable.

Dollar prices have been falling continuously, both in the official and unofficial markets. Early this week, some commercial banks continued adjusting down dollar prices, offering from VND21,080/21,100 for sales and VND21,160/ 21,170 for buying.

Last month, the central bank had to sell a significant amount of dollars for two weeks to stabilise the forex market when dollar prices rose consecutively and often hit ceiling levels.

Yesterday, forex rates listed at commercial banks also inched up after the SBV's move. Vietcombank listed the greenback selling/buying prices at VND21,060/21,130, up VND50 against the previous day. ACB and Eximbank rates were also up VND20-30.

In the free market, the US dollar traded at VND21,220 for bid and 21,250 for ask. — VNS