Vietnam Central Bank Revises Official VND/USD Rate Down
The State Bank of Vietnam (SBV) on June 13 lowered the inter-bank exchange rate of Vietnam dong against the U.S dollar to VND16, 456/US$1 from VND16,458/US$1 of the previous day.
But in the interbank market, Vietcombank raises the rate to VND16,621 from VND16,230 on June 12, the highest level so far this year.[QQ]
In the black market, traders offer to buy at VND16,700 and sell at VND18,000, unchanged from June 12, however, trading volumes were small amid rising demand. Private gold shops said they are afraid of selling to individuals on fear of punishment by authorities.
Director Ho Huu Hanh of the State bank of Vietnam in Ho Chi Minh City told state media that supply of dollar funds in the city has been very thin, resulted from big trade deficits in recent months.
Hanh said the marker is in need of large amounts of dollars and the government should drastically cut down imports soon.
He said the SBV will punish banks which are selling greenback to the public at prices which are higher than the rate approved by the authorities. (SBV Website, Labor)
Vietnamese
