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With the central exchange rate announced at its highest level ever, the selling price of USD at commercial banks also simultaneously exceeded 24,000 VND/USD that day.
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| The US dollar exchange rate at banks has risen sharply. (Illustrative image) |
On September 14th, the State Bank of Vietnam (SBV) announced the central exchange rate at 24,013 VND/USD, an increase of 18 VND compared to yesterday. This is the highest central exchange rate ever recorded. With a 5% margin, commercial banks are allowed to trade at a ceiling rate of 25,214 VND/USD and a floor rate of 22,812 VND/USD. The selling rate of USD was also increased by 19 VND by the SBV's Exchange Transaction Department to 23,400 VND/USD for buying and 25,163 VND/USD for selling.
The selling price of USD at commercial banks also exceeded 24,000 VND/USD today. Specifically, Vietcombank listed the USD at 24,039 VND/USD for buying and 24,370 VND/USD for selling, an increase of 50 VND in both buying and selling rates compared to the previous day. Agribank also reported a 60 VND increase in the USD price to 24,030 VND/USD for buying and 24,350 VND/USD for selling.
The US dollar price on the free market also increased, but less significantly. Observations at foreign exchange bureaus in Ho Chi Minh City show that the US dollar is currently being traded commonly around 24,200 VND/USD for buying and 24,250 VND/USD for selling, an increase of 40 VND in both buying and selling rates.
The US dollar is experiencing its longest appreciation streak in nearly nine years globally, while other currencies such as the Japanese yen, the euro, and the Chinese yuan are depreciating sharply. From the beginning of the year to the end of August 2023, the VND depreciated by 2.2% against the USD. This is a relatively low depreciation rate considering that the State Bank of Vietnam is going against the global trend by easing monetary policy to revive the economy after the pandemic and external shocks.
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