Feb 20: Central Bank Quotes Dollar At VND20,828

Mon, 20 Feb 2012 - Listed in Home » Currencies

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The State Bank of Vietnam set the exchange rate for the U.S. dollar at VND20,828 Monday, unchanged from Friday.


Currency dealers said rates among the major banks, led by Vietcombank, have slightly gained after state media reported that the central bank has bought a significant amount of dollars in recent weeks to boost its foreign exchange reserves.

"Some government economists told state-run Vietnam Television over the weekend that the central bank's dollar-buying is a smart move because prices are low now, while the country is still expected to face trade deficit this year," said a dealer with Hanoi-based Eximbank.

The dealer noted the government has forecast a trade deficit of $10 billion this year.

The dealer also said that because dollar rates have been falling in the local market, the average daily dollar-dong transaction volume in the interbank market last week fell to $590 million from $772 million in the previous week, and from $1.17 billion a month earlier.

Private dealers at gold shops in Hanoi and Ho Chi Minh City said their rates are unchanged due to lackluster demand from local businesses.

They projected the dollar to move in a range of VND20,800 to VND20,850 this week.

Source: vnagency.com.vn