The Operation Center at the State Bank of Vietnam on Wednesday, January 2 unexpectedly raised the purchase price of the U.S. dollar by VND500 to VND23,200, according to a VnExpress news website report.

A bank teller counts U.S. dollar notes 

Meanwhile, the center kept the selling price of the U.S. dollar at VND23,463, which was VND50 lower than its ceiling level.

The last time the center made an adjustment to the value of the greenback was in February 2018. At the time, the center had lowered the purchase price of the foreign currency by VND10.

Early today, January 3, the central bank announced the reference exchange rate between the U.S. dollar and the Vietnamese dong was fixed at VND22,828, up VND5 from a day ago. Therefore, local banks were allowed to trade the greenback at VND22,144 to VND23,512.

The unexpected move to raise the value of the dollar did not have any effect on their exchange rates in the banking market or the informal market.

In contrast, the downward price trend of the U.S. dollar at local banks is still evident. This afternoon, the Bank for Foreign Trade of Vietnam, or Vietcombank, listed the sale of U.S. dollars at VND23,160-VND23,250, down VND5 from a day prior, or more than VND100 over a month before.

Other banks followed the same trend.

In the unregulated market, the selling price of the U.S. dollar witnessed a downward trend as well.

At some forex counters on Le Loi and Nguyen Hue streets in District 1, HCMC, the buying and selling prices were quite low, ranging from VND23,180 to VND23,240. Their prices were even VND10 lower than those offered at local banks.

SGT