In the last trading session of 2023, the central exchange rate between the Vietnamese Dong and the USD was announced by the State Bank at 23,866 VND. Compared to a year ago, the central exchange rate increased by 254 VND, equivalent to an increase of 1%. Meanwhile, the USD price at commercial banks closed the year up nearly 2.7%. Currently, Eximbank buys at 24,000 VND and sells at 24,420 VND; Vietcombank increased by 20 VND, bringing the buying price to 24,050 VND and selling at 24,420 VND... This is a lower increase than the forecast from the beginning of the year by many organizations and economic experts.
Similarly, the euro price continued to increase. For example, Vietcombank bought at 26,106 VND and sold at 27,539 VND, an increase of 140 - 147 VND compared to the end of last week. The Japanese yen also increased slightly when Vietcombank bought at 166.1 VND and sold at 175.83 VND, adding nearly 1 VND...
USD price in 2023 increases slowly, maintains stability
In the world market, the USD price has fallen to its lowest level when the USD-Index was 101.06 points. Compared to a year ago, the USD-Index has decreased by 2.13 points. 2023 is considered the worst year for the USD since the Covid-19 pandemic broke out, in the context that the market predicts that the US Federal Reserve (Fed) will lower interest rates after bringing inflation safely under control.
In particular, the greenback has fallen sharply in the fourth quarter of 2023 due to increasing market confidence that the Fed will ease monetary policy in 2024 as the US economy slows. This has reduced the attractiveness of the USD because other central banks can keep interest rates higher for longer. The USD's decline has been further accelerated after the Fed announced that it expected three interest rate cuts next year. Along with the falling inflation data, investors also predicted that the Fed would cut interest rates as early as March 2024.
The Fed's interest rate cut in 2024 is a good sign for the US economy in particular and the world in general, including Vietnam. Low interest rates will contribute to promoting higher economic growth...
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