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Update news exchange rates
The State Bank of Vietnam on April 23 took some moves in the inter-bank market in the face of surging USD/VND exchange rates.
Though the State Bank of Vietnam (SBV) has announced it is selling the US dollar to intervene in the USD/VND exchange rate since April 19, the greenback price has remained high, which has been directly affecting many domestic enterprises.
A moderate exchange rate movement is forecast for this year.
The significant appreciation of the US dollar against the Vietnamese đồng has adversely affected many firms that import and borrow in the greenback, while firms that have foreign currency revenue from exports have benefited.
The period of strong volatility of the US dollar has ended, and the USD/VND exchange rate in the last six months of 2023 will remain stable, experts have forecast.
Foreign business associations have proposed the State Bank of Vietnam (SBV) remove the U.S. dollar interest rate cap at 0%, reported the local media.
VietNamNet Bridge – The Vietnamese government’s flexible monetary policy contributed greatly to Vietnam’s macro-economic stability and socio-economic development.
VietNamNet Bridge – The move by the State Bank of Vietnam of raising the dollar buy price has been commented as showing its determination to keep the dong/dollar exchange rate stable.