Surveyed on April 25, the USD price on the free market was less “hot” than a few days ago. Many foreign currency collection points on the unofficial market have reduced the USD exchange rate by about 150-200 VND in the past two days. Currently the buying price is about 25,600 VND and the selling price is about 25,700 VND. Previously, the selling price for USD on the free market sometimes reached 25,900 VND.
At commercial banks, USD prices today simultaneously decreased by 10 VND to 25,477 VND (selling afternoon), listed above the prescribed ceiling.
Specifically, the State Bank announced the central exchange rate on April 25 at 24,264 VND, down 10 VND compared to yesterday. The USD spot selling price was maintained at 25,450 VND by the State Department of Foreign Exchange Reserve Management.
With a margin of +/-5%, the floor and ceiling exchange rates applied to commercial banks on April 24 are 23,051-25,477 VND. Accordingly, bank USD prices from the beginning of the morning also decreased by 10 VND to meet the prescribed ceiling requirements.
Specifically at Vietcombank, the USD price is currently listed at 25,167-25,477 VND, down 10 VND compared to yesterday. BIDV and VietinBank apply 25,177-25,477 VND and 25,166-25,476 VND respectively. Similarly, Techcombank also reduced buying by 45 dong and selling by 10 dong to 25,170-25,477 VND.
The exchange rate showed signs of cooling down after the State Bank took strong measures to intervene in the market. Since April 19, the State Bank of Vietnam has publicly sold foreign currency intervention to banks with negative foreign currency positions to convert foreign currency positions to zero, with the selling intervention exchange rate of 25,450 VND.
At the same time, the State Bank continues to use T-bill and OMO channels to regulate liquidity and interest rates in the interbank market, thereby affecting exchange rates. In particular, the State Bank increased lending through OMO channel and raised interest rates from 4%/year to 4.25%/year. The move to increase OMO interest rates is expected to have an impact on VND interest rates in market 2, thereby narrowing the USD – VND interest rate difference in the interbank market without much impact on the interest rate level in the market. market 1. Through this, the operator limits the phenomenon of USD speculation, reducing pressure on the exchange rate.
