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With the central exchange rate announced at its highest level ever, the USD selling price at commercial banks during the day also exceeded 24,000 VND/USD.
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| USD price at banks increased sharply. Illustrative photo |
On September 14, the State Bank of Vietnam (SBV) announced the central exchange rate at 24,013 VND/USD, up 18 VND compared to yesterday. This is the highest central exchange rate ever. With a margin of 5%, 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 USD selling rate was also increased by 19 VND by the SBV Exchange to 23,400 VND/USD for buying and 25,163 VND/USD for selling.
The USD selling price at commercial banks on the day also exceeded 24,000 VND/USD. Of which, Vietcombank listed the USD price at 24,039 VND/USD for buying and 24,370 VND/USD for selling, up 50 VND for both buying and selling compared to the previous day. Agribank also reported an increase of 60 VND for the USD price to 24,030 VND/USD for buying and 24,350 VND/USD for selling.
The USD price in the free market also increased but less. Records at foreign exchange points in Ho Chi Minh City show that the USD price 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 directions.
The world's USD is experiencing its longest streak of appreciation in nearly 9 years, while other currencies such as the Japanese Yen, Euro and Chinese Yuan have depreciated sharply... From the beginning of the year to the end of August 2023, the VND has decreased by 2.2% against the USD. This is a relatively low decrease in the context of the State Bank going against the world trend, loosening monetary policy to recover the economy after the pandemic and external shocks.
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