Reference exchange rate down 5 VND at week’s beginning
The State Bank of Vietnam set the daily reference exchange rate at 23,061 VND per USD on May 27, down 5 VND from the last working day of previous week (May 24), and was 8 VND lower than the rate set a week ago.
Hanoi, (VNA) – The State Bank ofVietnam set the daily reference exchange rate at 23,061 VND per USD on May 27, down5 VND from the last working day of previous week (May 24), and was 8 VND lowerthan the rate set a week ago.
With the current trading band of /- 3percent, the ceiling rate applied to commercial banks during the day is 23,752VND per USD and the floor rate at 22,370 VND/USD.
The opening hour rates at commercial banks fluctuatedslightly compared to May 24.
At 8:15am, Vietcombank listed the buying rateat 23,345 VND/USD and the selling rate at 23,465 VND/USD, both up 10 VND fromthe same time on May 24.
Meanwhile, BIDV cut both ratesby 5 VND to 23,335 VND/USD (buying) and 23,455 VND/USD (selling).
Techcombank kept both ratesunchanged at 23,315 VND/USD (buying) and 23,455 VND/USD (selling).
During the week from May 20 to24, the daily reference exchange rate was adjusted up on Monday and keptunchanged on the next day before going down for two consecutive days. It wasraised again on the last day of the week.
As a result, the rate ended the week down 3VND from the week’s first day.-VNA
The State Bank of Vietnam (SBV) bought 8.35 billion USD from credit institutions between the beginning of this year and April 17 to build up the nation’s foreign reserve.
The reference exchange rate and exchange rates of commercial banks have increased continuously in recent days, with the reference exchange rate making its record high on May 8 at 23,046 VND. However, economists said that there is nothing to worry about this situation.
The monetary market’s liquidity has remained stable and foreign currency supply and demand are relatively balanced amidst the uptrend of USD/VND exchange rates over the last few days, an official from the State Bank of Vietnam (SBV) has assured.
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Illustrative image (Source: AFP) 
