The State Bank of Vietnam (SBV) announces the adjustment of the average inter-bank VND/USD exchange rate from 21,673 to 21,890 (by +1%) applicable to August 19, 2015, at the same time, adjusts the exchange rate band from +/-2% to +/-3%. With the average inter-bank VND/USD exchange rate of 21,890 and the exchange rate band of +/-3%, the ceiling VND/USD exchange rate is 22,547 and the floor rate is 21,233.
tang ty gia
In order to proactively and flexibly respond to the the biggest decrease in CNY over the past two decades, the SBV decided to adjust the exchange rate band from +/-1% to +/-2% on August 12, 2015. The movements in the domestic and international markets showed that this is a timely and suitable measure.
However, following the remarkable devaluation of CNY, the psychological pressure in the domestic market has not been released due to Fed’s anticipation of interest rate raising. In order to proactively regulate the market, the SBV adjusts the average inter-bank VND/USD exchange rate from 21,673 to 21,890 (by +1%), at the same time, issued Decision No. 1636/QĐ-NHNN on August 18 to stipulate the VND/USD spot exchange rate. Accordingly, the VND/USD exchange rate band was adjusted from +/-2% to +/-3%.
With the adjustment of the average inter-bank VND/USD exchange rate by 1% and the exchange rate band of +/-3%, the VND/USD exchange rate flexibility is efficient to respond to the negative fluctuations in the domestic and international markets not only from now to end 2015 but also in the first months of 2016, thereby stabilizing the forex market and ensuring the the competitiveness of Vietnam’s goods.
The SBV will consistently conduct measures and monetary policy tools and be willing to sell foreign currencies to intervene the market for stabilizing the forex market and the exchange rate within the set band.
Translated by TLH