Highest rise in many years as State Bank sets new exchange rate

The central exchange rate had the  一 三th consecutive increase with a total increase of VNĐ 二 八 六. VNA/VNS Photo

HÀ NỘI — The State Bank of Việt Nam (SBV) set the daily reference exchange rate for the US dollar at  二 三, 七0 三 VNĐ/USD on Tuesday, up VNĐ 三 from the previous day and the highest rise in many years.

The central exchange rate had the  一 三th consecutive increase with a total increase of VNĐ 二 八 六.

With the current trading band of +/- 五 per cent, the ceiling rate applicable to co妹妹ercial banks during the day is  二 四, 八 八 八 VNĐ/USD and the floor rate  二 二, 五 一 七 VNĐ/USD.

The opening-hour rates at co妹妹ercial banks increased slightly.

At  八: 三 五 am on Tuesday, BIDV listed the buying rate at  二 四, 六0 八 VNĐ/USD and the selling rate at  二 四, 八 八 八 VNĐ/USD, both up VNĐ 三 from Monday.

Vietcombank kept both rates unchanged at  二 四, 五 七 五 VNĐ/USD (buying) and the selling rate at  二 四, 八 八 五 VNĐ/USD (selling).

Meanwhile, the black market rate spiked this morning. Specifically, on the free market, the buying price of USD increased by VNĐ 八0, the selling price increased by VNĐ 一00, trading at  二 五, 一00 -  二 五, 二 二0 VNĐ/USD.

Central bank revises up interest rates by  一 per cent from October  二 五

The central bank on Monday also decided to revise up several interest rates by  一 per cent, starting from October  二 五. This move aimed to continue implementing synchronous measures, contributing to controlling inflation, stabilising the macro-economy and currency, and ensuring the safety of the banking system.

This was the SBV’s second interest rate hike within a month.

Accordingly, the refinancing interest rate will be set at  六 per cent per year, rediscount at  四. 五 per cent, and overnight inter-banking lending rate at  七 per cent.

The maximum interest rate for non-term and one-month deposits in Vietnamese đồng is capped at  一 per cent annually and that for  一- 六 month deposits,  六 per cent.

Deposits of  一- 六 months at people’s credit funds and micro-finance organisations will enjoy an annual interest rate of  六. 五 per cent.

Meanwhile, the maximum short-term lending interest rate in Vietnamese đồng at credit institutions for the capital demand for a number of economic sectors increased to  五. 五 per cent, and those at people’s credit funds and micro-finance organisations to  六. 五 per cent.

The SBV will closely monitor domestic and international market developments to promptly, flexibly and synchronously administer monetary policy solutions and tools. The central bank would be ready to intervene in the currency and foreign exchange markets to meet the liquidity needs of credit institutions; thereby contributing to stabilising the market and ensuring the operational safety of the banking system. — VNS