The State Bank has asked three ministries to closely monitor the buying and selling of foreign currency.

The USD price on the free market exceeded 27,500 VND, much higher than the listed price at banks. In response to this development, the State Bank requested the Ministry of Public Security, the Ministry of Industry and Trade, and the Government Inspectorate to closely monitor foreign currency trading.

The exchange rate between the Vietnamese Dong and the USD on the free market is 1,300 VND/USD higher than that at banks - Photo: QUANH DINH

Closely monitor foreign currency buying and selling activities

On October 24, the State Bank of Vietnam sent a document to the Ministry of Public Security , the Ministry of Industry and Trade, and the Government Inspectorate regarding coordination in managing foreign exchange market activities.

The State Bank assessed that recently, in the face of complicated developments in the world economy , the exchange rate between the Vietnamese Dong and the USD in the unofficial market has shown signs of fluctuation and a difference with the exchange rate in the banking system.

To proactively take measures to stabilize the foreign exchange market and minimize risks to the operations of the banking system, the State Bank regularly directs credit institutions to strictly implement legal regulations on foreign exchange management for foreign exchange service provision activities.

In order to strengthen coordination in state management, the State Bank requested the Ministry of Public Security, the Ministry of Industry and Trade, and the Government Inspectorate to direct functional units of the agencies to inspect, examine, supervise, and manage foreign exchange activities of organizations and individuals in the economy.

Timely detect violations of foreign exchange management, especially illegal foreign currency buying and selling activities and unofficial foreign exchange market activities; strictly handle violations of the law (if any) according to regulations.

In addition, the State Bank also proposed that the three above-mentioned agencies provide information on incidents and violations of foreign exchange management regulations so that the State Bank can promptly deploy effective foreign exchange market management measures, ensuring the safety of the banking system's operations.

USD price has exceeded 27,500 VND

The USD exchange rate on the free market has fluctuated strongly in the past 4 months. As of 4:30 a.m. on October 25, the USD price increased by 146 VND in both buying and selling compared to the trading session on October 24, when it was trading around 27,455 - 27,575 VND/USD.

Meanwhile, the reference exchange rate at the State Bank's Transaction Office on October 25 was 23,894 VND/USD - 26,302 VND/USD.

In the official market, banks such as Vietcombank listed the buying price at 26,082 VND/USD and the selling price at 26,352 VND/USD. BIDV Bank has the buying and selling prices at 26,133 - 26,352 VND/USD, respectively.

Thus, compared to the official exchange rate at commercial banks, the USD price in the free market is 1,200 - 1,300 VND/USD higher. This is a very high difference compared to the normal rate of just under 400 - 500 VND/USD.

LE THANH

Source: https://tuoitre.vn/ngan-hang-nha-nuoc-de-nghi-ba-bo-cung-giam-sat-chat-viec-mua-ban-ngoai-te-20251025182308346.htm