VnnNews – Almost a week after the central bank raised the official dong/dollar exchange rate, the foreign currency market has begun cooling down.
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For the first time in many years, the day also witnessed commercial banks quoting slightly different dollar prices. Some bankers said that they have to offer a higher purchase price to compete with other banks.
The focus of the Government’s new foreign currency policy is to encourage businesses that earn dollars by exporting to sell these dollars to banks. However, the dollar supply has not increased, reportedly because most dollar holdings are in fixed term deposits and businesses will only agree to sell the dollars when the deposits become mature. Therefore, banks have to offer high purchase prices to encourage businesses to release their hoards.
Meanwhile, importers said that they have not been able to purchase dollars from banks though they have been waiting two days.
On the black market, the dollar price has decreased by 100 dong per dollar to around 19,450-19,500 dong per dollar.
Some big non-bank foreign currency dealers in
The owner of a gold shop in
Dr Tran Hoang Ngan, Vice President, The State Bank of Cao Sy Kiem, National Advisory Council for Monetary Policies The Prime Minister has instructed economic groups and general corporations to sell dollars in order to improve the dollar supply. However, businesses so far have sold only a small volume, and are hold on to keeping several billion dollars. I favor more comprehensive measures. We should apply a pricing scheme which ensures that businesses don’t take losses if they release dollars, and apply simple procedures. More importantly, we need to guarantee that they can buy dollars when they need dollars to finance imports. |
VietNamNet/NLD
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