This morning (February 27), the selling price of US dollars at commercial banks continued to increasethe short-term trend appearing immediately after the Lunar New Year holiday.
At the Bank for Foreign Trade of Vietnam (Vietcombank), the US dollar price sold on the online table adjusted late this morning continued to increase by 10 dong compared to yesterday, to 22,785 dong.
That was also a quite popular listing price in many commercial banks.
However, at some members, such as Saigon Thuong Tin Commercial Bank (Sacombank), the selling price of US dollar in cash amounted to 22,801 dong. This was also the highest level within a year.
In 2017, the US dollar/dong exchange rate also had the same development as in early 2018.
After the Lunar New Year (Tet) holiday, the US dollar price of banks bounced back and increased rapidly again, reaching 22,800 dong at the end of February 2017, then continued falling deeply and bottoming down to 22,620 dong in early April 2017 which was also the time when the State Bank raised the buying price to prevent the fall.
This year, US dollar/dong exchange rate also rebounded quickly and strongly when the market reopened after the holiday. Compared to the time before Tet, the US dollar price of commercial banks increased about 80 dong.
In the interbank market, the US dollar price has also increased continuously and was 40 dong higher than the reference buying price of the State Bank of Vietnam (SBV)’s Exchange.
There was a related factor, i.e. after Tet, cash flow gradually returned to banks, a big amount of dong spent to buy foreign currency earlier accumulated, the interest rates in dong in the interbank market continuously fell sharply (such as the overnight interest rate of dong dropped to less than two percent per annum after soaring to over four percent per annum before Tet).
The State Bank has also regulated quickly. One day after the market re-opened, the operator boosted the issuance of T-bills to draw money. T-bill issuance scale was pushed up to 20 trillion dong offered for bid in yesterday session (February 26).
