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Black market’s exchange rate soars to VND17,520/US$1   2008-12-25 - VNE

The greenback price on the black market this morning soared to over VND17,500/US$1 in Hanoi. The gold price has also been increasing to follow the dollar price increase, despite the price falls in the world’s market.


The black market did not show any peculiar signs this morning in the first minutes of transactions, though the information about the interbank exchange rate adjustment was announced on December 24.


Governor of the State Bank of Vietnam Nguyen Van Giau announced the 3% increase of the interbank exchange rate, effective December 25, yesterday at the regular government press conference in HCM City. The new exchange rate is VND16,989/US$1 instead of VND16,494/US$1, which means that commercial banks now can quote the highest price at VND17,500/US$1.


At 8.30 am, December 25, the dollar price was reportedly at VND17,230-17,270/US$1, the same as yesterday afternoon.


However, at 9 am, the price moved up to VND17,450/US$1, and then VND17,500/US$1, while a shop was found as quoting the sale price at VND17,520/US$1. Big shops said they still can meet the demand for purchasing hundreds of thousands of dollars, but smaller shops now do not have dollars to sell.


The dollar price increase has prompted people to rush to purchase dollars. The shops on Ha Trung street in Hanoi looked quiet like on ordinary days. However, in fact, transactions were very bustling inside.


The dollar price on the black market in HCM City also soared to VND17,350/US$1 (sale) and VND17,280/US$1 (purchase). Meanwhile, the prices were VND17,230-17,280 yesterday afternoon.


The market of precious metal also saw big changes to follow the exchange rate fluctuations. The bar gold quoted by gold shops soared by VND100-200,000/tael after the opening hour this morning.


At 9.30 am, the SJC bar gold price quoted by SJC was VND17.31-17.38mil/tael (purchase and sale). However, at the same time, SJC Ban Co and SJC Minh Khai quoted higher prices, at VND17.4mil/tael (sale price), while they purchased at VND17.25mil/tael only.


The Bank for Foreign Trade of Vietnam (Vietcombank) earlier this morning announced the exchange rates of VND17,200-17,350/US$1, while the sale price was VND16,989/US$1 yesterday. Eximbank’s rates are lower, at VND17,150-17,250. Some other banks quoted yesterday’s rates for today. Vietinbank, for example, is quoting at VND16,988-16,989/US$1.


Giau, when announcing the exchange rate adjustment, emphasised that the adjustment does not mean the devaluation of the VND.


Giau also emphasised that the State Bank of Vietnam is capable of controlling the foreign currency market.


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