Central bank raises selling price of USD to VND24,870
The State Bank of Vietnam (SBV) on October 24 continued to sharply increase the selling price of the US dollar by VND490 to VND24,870 per USD - the highest rise in many years.
This is the sixth increase in the selling price of the greenback since the beginning of this year, and the fourth within more than one month.
Previously, the SBV adjusted the exchange rate by VND200 to VND23,250/USD in May and continued to raise it to VND23,400/USD in early July.
The selling price of the US dollar has surged by VND1,720 or 7,4% so far this year.
The same day morning, the bank set the daily reference exchange rate at VND23,700/USD, up VND12 from October 21. The reference exchange rate recorded the 11th consecutive hike with a total of VND268.
With the current trading band of +/-5%, the ceiling rate applicable to commercial banks during the day is VND24,885/USD and the floor rate VND22,515/USD.
The opening-hour rates at many commercial banks increased to the ceiling rate.
Vietcombank listed the buying rate at VND24,575/USD and the selling rate at VND24.885/USD, up VND15 from October 21.
Similarly, VietinBank also added 15 VND to both rates, listing at VND24,605/USD (buying) and the selling rate at VND24.885/USD (selling).