Bank exchange rates for USD have risen sharply.

Each USD at banks increased by nearly 200 dong during the day, reaching a level close to the dollar's price on the free market.

On the morning of October 17th, the State Bank of Vietnam announced the central exchange rate at 24,199 VND, an increase of 12 VND compared to yesterday. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD within the range of 22,989 - 25,409 VND.

Today, commercial banks significantly adjusted their USD exchange rates, raising them by nearly 200 dong compared to yesterday.

Vietcombank listed the USD buying and selling rates at 24,960 - 25,350 VND, a sharp increase of 180 VND in both directions. At BIDV , the USD price also rose to 24,980 - 25,340 VND. Eximbank raised the exchange rate to 24,980 - 25,350 VND, while Techcombank listed it at 24,997 - 25,395 VND.

Previously, the bank exchange rate had also risen for several consecutive sessions. Over the past week, each USD at the bank increased by about 350 VND, equivalent to about 1.4%. Compared to the beginning of the year, the current bank exchange rate is about 3.8% higher and is trading quite close to the black market rate. This afternoon,   USD price   Some foreign exchange bureaus are quoting around 25,250 - 25,350 VND.

On the international market, the USD Index, which measures the strength of the US dollar, has also risen by about 3% since the beginning of the month, to 103.55 points.

According toACB Securities (ACBS), despite benefiting from the US Federal Reserve's interest rate cut, the State Bank of Vietnam also simultaneously implemented two rounds of open market operations (OMO) interest rate reductions to maintain low interest rates and support economic growth. Therefore, the interest rate differential between VND and USD continues to be negative, although the negative level is not significant.

According to ACBS, this situation will continue at least until the end of the first half of 2025. Therefore, while exchange rate pressure may ease, it can easily flare up during periods of increased payment demand, especially at the end of the year.

Source: https://baoquangninh.vn/gia-usd-ngan-hang-tang-manh-3324769.html