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Vietnam’s central bank begins currency intervention to address market volatility

Vietnam’s central bank begins currency intervention to address market volatility

Saturday, April 20, 2024, 07:03 GMT+7
Vietnam’s central bank begins currency intervention to address market volatility
A bank teller counts U.S. dollar banknotes in Ho Chi Minh City. Photo: Quang Dinh / Tuoi Tre

The State Bank of Vietnam (SBV) on Friday began selling U.S. dollars to intervene in the market for banks with negative foreign currency balances and those need to buy amidst the ongoing greenback appreciation in recent days.

Following its announcement, the SBV sold US$1 for VND25,450, equal to the listed selling exchange rate at the State Bank Exchange in Hanoi.

The currency intervention came as the latest exchange rate has increased by around four percent compared to the beginning of the year, according to Pham Chi Quang, head of the SBV’s Monetary Policy Department.

The measure is expected to relieve market psychology, clear supply, and ensure smooth foreign currency liquidity. 

On Friday, Vietinbank , ACB, and Vietcombank sold US$1 for VND25,473, equal to the prescribed ceiling rate. 

Vietinbank and ACB bought US$1 for VND25,185 and VND25,240, respectively.

Eximbank increased the selling price of US$1 to VND25,472, nearing the upper limit, bid rate in transfer to VND25,230, and bid rate in cash to VND25,150.

In the open market, US$1 was selling at VND25,830 and buying at VND25,730 on Friday afternoon.

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Bao Anh - Le Thanh - Anh Hong / Tuoi Tre News

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