Average VND/USD exchange rate rises by another 1%

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Average VND/USD exchange rate rises by another 1%

Vietnam News - 8/20/2015 8:16:20 AM

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The State Bank of Vietnam (SBV) has increased the average inter-bank exchange rate between the VND and USD applicable to August 19 by 1%, from VND21,673to VND21,890 per US$1.

The central bank also widened the trading band of VND/USD from +/- 2% to +/- 3%.

With those adjustments, the ceiling exchange rate is VND22,547 per dollar and the floor rate is VND21,233 per dollar.

The SBV explained that to respond to the Chinese yuan’s strongest devaluation in two decades, the bank already raised the trading band of VND/USD from +/- 1% to +/-2% on August 12. Developments in the domestic and foreign markets in the following days proved that move was appropriate.

However, the domestic market is still concerned over the impact of the US Federal Reserve (FED)’s possible increase of interest rates, the bank said, elaborating that it hiked the inter-bank exchange rate to proactively lead the market and prepare for adverse effects of the FED’s likely move.

With the recent adjustments, the VND will be more flexible to changes in the domestic and global markets until early 2016, helping ensure stability in the foreign exchange market and the competitiveness of Vietnamese goods, the SBV noted.

The central bank vowed to employ synchronous measures and monetary policy tools to stabilise the foreign exchange market and exchange rates.

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