On the morning of April 26, the central exchange rate was listed by the State Bank at 24,246 VND/USD, stable compared to yesterday. Compared to the peak of the central exchange rate a few days ago around 24,275 VND, this morning’s exchange rate cooled down by about 30 VND.
Commercial banks also simultaneously adjusted the USD price to decrease. Vietcombank is trading USD, buying at 25,148 VND/USD, selling at 25,458 VND/USD, down about 30 VND compared to the peak near 25,490 VND a few days ago.
Sacombank and ACB listed the USD selling price similar to Vietcombank, while the buying price was at a lower level around 25,170 VND/USD. Eximbank sold USD at a lower level, 25,456 VND/USD, while buying 25,160 VND/USD, down another 20 VND compared to yesterday.
Free USD price increased sharply while banks cooled
USD prices at banks began to cool down in the context that the State Bank announced its readiness to intervene to sell foreign currency to the market.
Sharing at the 2nd session of the Vietnam Economic Forum 2024 with the topic “Resolving capital and market difficulties for import-export enterprises” organized by Nguoi Lao Dong Newspaper on April 25, Standing Deputy Governor of the Bank State Bank Dao Minh Tu said the exchange rate has cooled down and depreciated by about 4.8% compared to the end of last year, much lower than the devaluation of some local currencies in many other markets.
“The exchange rate is a big problem of the economy, if not managed effectively, it will affect inflation. The State Bank will flexibly manage the exchange rate, stabilize it, not fix it, ensuring foreign exchange status. bad equals 0 but cannot be negative.
There are solutions to do this including regulating the amount of money in circulation to harmonize; Manage interest rates reasonably to harmonize with exchange rates, calculate reasonable levels to achieve both goals” – Standing Deputy Governor Dao Minh Tu affirmed.
Together with the State Bank’s solutions and the decline of the USD in the international market, the USD/VND exchange rate has cooled down. Currently, the USD index on the international market is trading at 105.57 points, down about 0.5% compared to a few days ago.
Notably, while the bank USD price cooled down, it still remained at a high level on the free market. This morning, some foreign currency exchange points bought USD 25,700 VND/USD, sold 25,780 VND/USD, an increase of about 40 VND compared to yesterday.
Recently, the State Bank of Ho Chi Minh City branch sent a document to agencies and organizations in the city to coordinate propaganda to people on regulations on buying and selling foreign currency. Accordingly, the State Bank recommends that people, when they have a legitimate need for foreign currency, contact authorized credit institutions in the area for guidance. Do not buy and sell foreign currency freely, contrary to legal regulations and potentially risky.
