Central and bank exchange rates adjusted down

On July 11, the central exchange rate announced by the State Bank decreased by 3 VND, to 25,128 VND.

With an exchange rate band of +-5%, the ceiling exchange rate that banks are allowed to trade is 26,384 VND/USD, the floor exchange rate is 23,871 VND/USD (selling).

The reference exchange rate between VND and USD at the State Bank's Foreign Exchange Reserve Management Department is 23,922 VND/USD (buy) - 26,334 VND/USD (sell).

At commercial banks, the exchange rate was also adjusted down. Specifically, at the Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ), the listed exchange rate was 25,890 VND/USD (buy) - 26,280 VND/USD (sell), down 10 VND for both buying and selling.

Meanwhile, at Vietnam Prosperity Joint Stock Commercial Bank (VPBank), the USD price decreased by 38 VND for both buying and selling prices, down to 25,890 VND/USD (buy) - 26,265 VND/USD (sell). Asia Commercial Joint Stock Bank ( ACB ) decreased by 30 VND for the USD/VND exchange rate, down to 25,910 VND/USD (buy) - 26,290 VND/USD (sell).

The exchange rate on the official market decreased this morning. Illustrative photo

The "black market" USD price is opposite to the official market price, buying at 26,400 VND/USD (up 20 VND) and selling at 26,490 VND/USD (up 40 VND).

The USD Index (DXY), a measure of the greenback's strength against other major currencies, fell slightly to 97.35 points as of early morning Vietnam time.

According to experts, over the past 6 months, the USD has depreciated about 10.6% against other currencies, while the Vietnamese Dong (VND) has depreciated about 2.9% against the USD.

In the last 6 months of the year, the pressure causing the dong to depreciate is likely to ease significantly. Therefore, there is still a scenario where the dong does not depreciate against the USD. However, the above scenario depends on the FED cutting interest rates twice in the fourth quarter and Vietnam keeping interest rates unchanged. In that context, the State Bank will try to maintain the current interest rate level. If there is pressure to increase interest rates, especially in the interbank market, the operator will increase liquidity.

Source: https://hanoimoi.vn/ty-gia-trung-tam-va-ngan-hang-dieu-chinh-giam-708765.html