Commercial banks raise US dollar price to as high as VND24,888 per dollar

SGGP
Although the State Bank of Vietnam (SBV) has increased the operating interest rates by 0.5-1 percent from October 25 to reduce the pressure on the USD/VND exchange rate, which has increased sharply over the past time, the US dollar price in commercial banks is listed at the ceiling price of VND24,888 per dollar, within the range of +/-5 percent according to the regulations of the State Bank. 
Commercial banks raise US dollar price to as high as VND24,888 per dollar ảnh 1 Many commercial banks increased the US dollar selling price by a maximum of 5 percent on October 25. (Photo: SGGP)
On October 25, the SBV continued to increase the reference exchange rate by VND3 dong compared to the previous day, to VND23,703 per US dollar. It is the 13th consecutive rising session of the reference exchange rate, with a total increase of VND286, or more than 1.2 percent. During the day, the SBV kept the US dollar selling price at the SBV Operation Center at VND24,870 per dollar and did not list the buying price.

Meanwhile, on October 25, many commercial banks increased the US dollar selling price by a maximum of 5 percent. Specifically, at around 4 p.m., Vietcombank listed the exchange rate at VND24,680 per dollar for buying and VND24,888 per dollar for selling, up VND3 compared to the previous day; Sacombank bought US dollars at VND24,755 per dollar and sold them at VND24,888 per dollar, down VND5 for the buying rate and up VND3 for the selling rate.

At foreign currency exchange agencies, the US dollar price also increased by about VND80 per dollar compared to the previous day to trade at VND25,200 for buying and VND25,300 for selling at around 3 p.m. At the current price, the US dollars on the free market have climbed by VND1,700-1,800 compared to the end of 2021, equivalent to an increase of about 7.6 percent.

By Nhung Nguyen – Translated by Thanh Nha

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