From the beginning of 2016 to present, although Fed increased interest rate for several times, the domestic forex market has been stable due to the utilization of various monetary policy tools such as the central rate and other tools in the domestic money market.
The demand for foreign currencies from the economy has been always met fully and the international reserves still increases. Moreover, over the past seven months, despite the fact that trade deficit in Vietnam was USD 3.08 billion, it did not cause the US dollar shortage in Vietnam.
Therefore, in spite of much pressure, a majority of specialists agreed that the SBV management of monetary policy has been in the right direction. According to the forecast of many stock companies, the exchange rate and forex market in the third quarter of 2017 will be maintained stable. At the same time, many financial experts shared their thought that there have been basics for the SBV to stabilize VND/USD exchange rate from now to end 2017.They cited that foreign currency supply from FDI and FII flow rose remarkably; the total capital, including new and additional capital, and contributed capital to purchase shares was estimated to gain USD 21.9 billion, increasing by 52 % as compared to that of the same previous period; the disbursement was estimated to be USD 9 billion, increasing by 5.8% in comparison with that of the same previous period.
VND/USD exchange rate quoted by commercial bank on August 10
According to thoibaonganhang.vn, on the morning of August 10, there are several commercial banks adjusting VND/USD exchange rate slightly. In general, VND/USD exchange rate continues to be stable.
Specifically, the buying and selling VND/USD exchange rate quoted by Vietcombank is up by 5VND to VND/USD 22,695/22,765 while the buying and selling VND/USD exchange rate quoted by Vietinbank is down by 5VND to VND/USD 22,680/22,760. BIDV remains the VND/USD exchange rate at VND/USD 22,695/22,765.
Regarding to the group of joint-stock commercial banks, ACB and Dong A Bank keep the VND/USD exchange rate unchanged at VND/USD 22,700/22,760 as compared to that yesterday. Similarly, Eximbank and LienVietPostBank also maintain the buying and selling VND/USD exchange rate at VND/USD 22,670/22,760 and VND/USD 22,680/22,770 respectively. Sacombank adjusts the buying and selling VND/USD exchange rate down by 1 VND to 22,687/22,769 VND/USD while Techcombank raises the selling VND/USD exchange rate by 5 VND to 22,775 VND/USD and keeps the buying VND/USD exchange rate unchanged at VND/USD 22,680.
As a result, on the morning of August 10, the lowest and highest buying VND/USD exchange rate is VND/USD 22,680 and VND/USD 22,700 respectively while the lowest and highest selling VND/USD exchange rate is VND/USD 22,760 and VND/USD 22,780 respectively.
VND/USD exchange rate announced by the SBV on August 10
On August 10, the SBV announces the central rate of VND versus USD at VND/USD 22,443, up by 3 VND as compared to the previous session. With the tradingband of +/-3%, the ceiling and floor VND/USD exchange rate today is VND/USD 23,116 and VND/USD 21,770 respectively.
On the morning of August 10, the Banking Operations Center of the SBV still maintains the buying VND/USD exchange rate at VND/USD 22,725 and announces the selling VND/USD exchange rate at VND/USD 23.096, down by 20 VND lower than the ceiling VND/USD exchange rate of VND/USD 23,096.
Le Hang