Bank exchange rates hit ceiling.

On the morning of August 21st, commercial banks simultaneously raised the USD/VND exchange rate for selling to the maximum limit. Vietcombank listed the rate at 26,196 VND/USD for buying and 26,536 VND/USD for selling, an increase of 16 VND/USD compared to the end of yesterday.

The central exchange rate announced by the State Bank of Vietnam today is 25,273 VND/USD, an increase of 10 VND/USD compared to yesterday. Correspondingly, with a 5% trading band, the ceiling exchange rate also increased by 10 VND/USD compared to yesterday, but exchange rates at banks are still rising faster. Compared to the end of 2024, the exchange rate has increased by nearly 3.85% in almost 8 months.

In the unofficial market, the free market USD exchange rate is being offered by some shops at 26,580 VND.

The sharp increase in the exchange rate over the past few weeks has been under pressure from both domestic and external factors. On the one hand, monetary policy remains loose to support growth and stimulate domestic consumption. On the other hand, the USD Dollar Index (DXY) is currently fluctuating around 98.3 points. Risks from the international trade environment remain relatively uncertain, although the retaliatory tariffs imposed by the US on other countries have somewhat pressured demand for USD hedging. Nevertheless, expectations of a possible interest rate cut by the US Federal Reserve (Fed) at its next meeting ( September 2025) help maintain a certain level of confidence in the market.

Investors are awaiting the 2025 Jackson Hole Symposium to gauge the direction of monetary policy. This is a key annual event hosted by the Kansas City branch of the Federal Reserve (FED). Fed Chairman Jerome Powell's speech on the evening of August 22nd is expected to signal the possibility of an interest rate cut. Currently, according to the CME FedWatch tool, the market is betting on a 78% probability of the Fed cutting interest rates by 0.25 percentage points. This remains oversold, although it has dropped significantly from nearly 99% last week.

Recently, President Trump called for Federal Reserve Governor Lisa Cook to resign immediately following allegations of mortgage fraud against her. He also reiterated his desire for the Fed to take more decisive action and supported the option of lowering interest rates.

Exchange rates at Vietcombank on the morning of August 21st - Source: VCB

Despite the high exchange rate, according to FiinRatings, the outlook for the exchange rate in the near future could be more positive as the global macroeconomic environment improves thanks to significantly lower tariffs and the possibility of the Fed cutting interest rates as early as expected in September 2025.

While exchange rates continue to set new records, gold prices are also heating up after surpassing 125 million VND/ounce for selling price, despite international gold prices remaining stable. Currently, international gold is trading at $3,340/ounce. In the domestic market, SJC gold prices this morning continued to reach a new historical peak, listed at 124.4 million VND/ounce for buying and 125.4 million VND/ounce for selling, an increase of 600,000 VND per ounce in just one day. The buy-sell price difference has narrowed to 1 million VND/ounce for the past week. The high price of gold bars continues to widen the gap with the converted world gold price.

Source: https://baodautu.vn/ty-gia-ngan-hang-cham-tran-d366045.html