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Dollar rises to VND23,000 on Vietnam black market

Friday, November 25, 2016, 10:30 GMT+7

The dollar rose in both the official and unofficial market on Thursday, continuing a rally that follows on the heels of the market’s reaction to fiscal policy initiatives proposed by U.S. President-elect Donald Trump.

On Thursday morning, the State Bank of Vietnam (SBV) set the mid-point rate at 22,131 dong per dollar, up 13 dong from Wednesday.

With the dollar/dong trading band set at +/- 3 percent of the mid-point rate, the new ceiling price for the dollar is VND22,795 a greenback.

Following the mid-point rate adjustment, the SBV quoted the dollar at that ceiling price, prompting several local banks to do the same.

ACB and Eximbank quoted the rate at VND22,795 per dollar, up VND95 per dollar from yesterday. Meanwhile, Vietcombank and Vietinbank quoted at VND22,794 per dollar, only one dong below the ceiling.

In the unofficial market, the dollar was quoted at VND23,000, up VND230 from Wednesday.

Local banks attributed the dollar rally in Vietnam to expectations held by investors toward new policies proposed by President-elect Trump following his surprising election victory on November 8.

The dollar has risen 2 percent against the dong since Trump’s victory in the U.S. presidential election.

In 2015 the dong fell 4.94 percent against the dollar on the interbank market, faster than a decline of 1.38 percent the previous year, according to Reuters data.

In the latest development, the dollar also rose to an eight-month high against the Japanese yen Friday morning, as Trump's victory in the U.S. presidential election stoked speculation of higher U.S. economic growth and inflation, according to Reuters.

The dollar rose reached 113.64 yen, gaining about 0.3 percent in early Asian trade.

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