Vietnam Sets Record High Dollar Exchange Rate at VND16,990
The State Bank of Vietnam (SBV), the country’s central bank, set the dollar exchange rate at VND16,990 on Sept 22, the highest level so far.
The rate has surpassed the VND16,989 mark that the central bank set on December 25 last year when it decided to raise the rate by 3% from VND16,494 on the previous day.
On the same day, commercial banks quoted the bid and ask prices of U.S. dollars at VND17,840, compared to VND18,240-VND18,260 offered on unofficial markets.
Dealers said the exchange rate will fall soon thanks to abundant dollar supply, supported by the news that the Asian Development Bank has approved $500 million loan for Vietnam and local importers have started selling dollars to commercial banks.
The Ministry of Planning and Investment predicted that Vietnam may see a trade gap of VND10 billion this year, accounting for 16.4% of total export revenues.
Meanwhile, the country’s payment balance deficit is forecast at $5.3 billion in 2009, equal to 5.5% of GDP. (CafeF)
Vietnamese
