This morning (February 24), the State Bank listed the central exchange rate at 24,646 VND/USD. The reference exchange rate at the Exchange is 25,828 VND/USD for sale. This is the highest level in history. Since the beginning of the year, the State Bank has raised the USD selling price for 3 consecutive times.
Continuously increasing prices USD semi-intervention
From February 11, Bank The State increased the USD selling price for the first time since the end of October 2024 by 248 VND, from 25,450 VND/USD to 25,698 VND/USD. The reference price at the Exchange on February 13 increased by 23 VND to 25,750 VND/USD.
This morning, State Bank The central exchange rate is listed at 24,646 VND/USD. The reference exchange rate at the Exchange is 25,828 VND/USD for sale. This is the highest level in history.
Thus, from the beginning of February until now, the State Bank has increased the USD selling price by 130 VND.
Analysts say the State Bank increased the intervention price to reduce pressure on foreign exchange reserves after having to sell more than $9 billion in 2024.
Today, at commercial banks, exchange rate USD has mixed performance among banks.
Specifically, Vietcombank, Techcombank, Eximbank, VPBank all adjusted the USD buying and selling rates down by an average of 5 to 40 VND per USD, compared to the closing price of the previous trading session. Currently, the USD buying price at these banks fluctuates around 24,285 - 25,330 VND/USD, while the selling price is at 25,650 - 25,670 VND/USD.
Meanwhile, BIDV increased by 45 VND per USD in both buying and selling directions, raising the USD price to 25,350 - 25,710 VND/USD.
VietinBank adjusted the price in opposite directions, adding 118 VND in buying price and decreasing 102 VND in selling price at 25,308 - 25,668 VND/USD.
In the free market, the USD exchange rate increased by 20 VND per USD compared to the previous trading session, currently trading at 25,670 - 25,770 VND/USD.
USD fluctuates rapidly and continuously since Lunar New Year, State Bank injects "net" money through open market. On February 13, the State Bank "pumped" VND 11,367 billion into the market for a 14-day term and withdrew VND 5,000 billion for a 7-day term.
This is the first time the interest rate has decreased slightly, down to 3.97%/year, while the interest rate pumped out remains at 4%/year. Average interest rate The interest rate of VND in the interbank market also decreased by 0.02 - 0.27% for terms under 6 months. The interest rate of VND is currently approximately equal to the interest rate of USD, fluctuating from 4.36 - 4.55%/year. This development is contrary to the previous period, when VND interest rates were often lower than USD. This somewhat reduced the pressure on the exchange rate.
How to deal with exchange rate fluctuations?
USD exchange rate still faces challenge as the trade war could continue to support the US dollar in the coming period.
Associate Professor, Dr. Nguyen Huu Huan - Ho Chi Minh City University of Economics - commented that in the event of increased inflation in the US, the possibility that the US Federal Reserve (Fed) will not reduce interest rates, while Vietnam's interest rate reduction will put more pressure on the exchange rate. With the Fed's more cautious stance on cutting interest rates along with uncertainties from tariffs and China, the USD exchange rate in 2025 likely to maintain the uptrend.
According to Mr. Huan, to reduce pressure on the exchange rate, the regulatory agency can regulate the currency market as it did in 2024. Accordingly, apply open market tools to gradually increase interest rates; implement export support policies and take advantage of the US's high tariffs on other markets, continue to reform the investment environment to attract new foreign investment to increase foreign exchange inflows into Vietnam.
Financial expert Nguyen Tri Hieu said that to cope with strong fluctuations in the USD exchange rate, the important measure is to regulate the currency market so that the VND interest rate level is relatively high. In other words, it is necessary to gradually change the policy from loosening to tightening, while at the same time having solutions to support capital for key sectors or projects to both promote economic growth and stabilize the exchange rate and the currency market.
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