This marks the third consecutive session the State Bank of Vietnam has increased the USD/VND central exchange rate, surpassing the previous high of 25,298 dong set in late August last year. This surge aligns with the DXY index's movement, as the US dollar strength gauge has risen 0,2% from the end of last week, reaching a one-year high.
The regulator's decision to raise the central exchange rate to a record high indicates persistent exchange rate pressure, while also providing commercial banks with more room for exchange rate fluctuations.
The central exchange rate is updated daily by the State Bank of Vietnam. It is calculated based on interbank market exchange rate movements, the currency basket of major trading partners, macroeconomic balances, and policy objectives. This rate serves as a reference point for commercial banks to adjust their actual transaction prices within a 5% band. According to this regulation, banks today can buy and sell USD within the range of 24.040 - 26.571 dong.
Following the State Bank of Vietnam's signal, several banks increased their exchange rates by tens to hundreds of dong, though still approximately 30 dong below the previous record.
Vietcombank, MB, Eximbank, Sacombank, and others are trading around 26.140 - 26.540 dong. VietinBank made the most significant adjustment, increasing the buying price for each US dollar by 188 dong compared to the end of yesterday, reaching 26.153 dong. Its selling price also rose by nearly 30 dong, to 26.533 dong.
On the free market, some foreign currency exchange points in Ho Chi Minh City have not changed prices this morning, still trading around 26.400 - 26.420 dong.
According to forecasts from some international banks and analysis groups, the exchange rate this quarter will fluctuate around 26.500 dong and is likely to gradually cool down.
"In the medium term, we maintain our view that the dong will remain relatively stable due to positive fundamental factors and the State Bank of Vietnam continuing to keep the exchange rate within the permitted trading band", a specialist from United Overseas Bank (UOB) commented.
At a press conference earlier this month, Deputy Governor Pham Thanh Ha of the State Bank of Vietnam stated that the exchange rate and foreign exchange market have recently faced pressure from complex, unpredictable international market developments and domestic challenges. The agency's approach involves flexible exchange rate management to absorb external shocks and combine various monetary policy tools to stabilize the foreign exchange market, the macro economy, and control inflation.
Phuong Dong
