Monday , February 6 2023

Dollar soars to all-time high at against the dong


The U.S. dollar continued its recent rally, reaching an all-time high at nearly VND24,000 at some banks Thursday.

Vietcombank, the country’s largest lender, sold the greenback for VND23,950, up by around 4.5% compared to the beginning of this year.

This is the rate lenders ACB and Eximbank announced the same day. At VietinBank, the listed price was VND23,975. Techcombank, the country’s largest private lender, raised the exchange rate to VND23,990. Sacombank kept the rate at VND23,980.

The central bank fixed its reference rate at VND23,371, up 0.97% from the beginning of the year.

The rise of the dollars since late August has caused the Vietnamese dong to depreciate by at least 1.5% over the past month.

A dollar was sold at VND24,200-24,290 Thursday at unofficial exchange points, unchanged from Wednesday.

Vietnam’s central bank has increased a series of regulatory interest rates, including deposit, rediscount and refunding rates.

The ceiling of deposit interest rates, with terms from 1 month to below 6 months, would be increased by 1 percentage point to 5% a year.

The central bank has so far this year sold dollars worth at least $20 billion to keep the forex market stable, thereby reducing Vietnam’s foreign exchange reserves to $90 billion.

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