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Dong/dollar exchange rate soars again   2010-05-12 - VietNamNet, Thoi bao Kinh te Vietnam

After dropping continuously over the last month, the dollar price has risen once more, both on the bank-to-business market and the black market.


The dollar price dropped from its highest peak of 19,100 dong per dollar to 18,990, a decrease of 0.52 percent compared with March. As predicted, however, the dollar price has climbed again.


The Bank for Foreign Trade of Vietnam (Vietcombank) quoted 19,000 dong per dollar to 19,030 dong and then to 19,060 dong per dollar in just the last two days.


Other banks had lower prices. Sacombank, Eximbank and Dong A Bank sold dollars at 19,050 dong, while ACB sold at 19,030 dong. Suprisingly, the dollar price on the black market was lower than that of the official market, at just 19,010 dong per dollar.


The State Bank of Vietnam (SBV) reported that some commercial banks have sold foreign currencies to SBV, which has been increasing in recent days. The volume of foreign currency sold to commercial banks by SBV has been inconsiderable.


In efforts to control the foreign currency market, on May 10 SBV requested that credit institutions report on capital mobilization and lending in foreign currencies


According to SBV, April and the first four months of 2010 witnessed high credit growth, but capital mobilization growth rates remained low.


In April, foreign currency deposits increased by 0.78 percent, while foreign currency outstanding loans increased by 3 percent. In the first four months of 2010, mobilized foreign currency capital increased by only one percent, while outstanding loans increased by 17.07 percent.


As for the black market, the steady dollar price increase has prompted people to purchase dollar hurriedly. Foreign currency exchange shops in Hanoi were full of buyers on the morning of May 11.


A Ha Trung street shop owner remarked that most people rush to purchase dollars because they fear that dollar prices will continue rising. Others buy dollars to pay debts. He predicted that the upward trend would continue for some time.


In related news, gold prices have jumped to meet the world’s price, reaching 28 million dong per tael.

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