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USD price drops in Vietnam 11th July 2008
The
dollar price on the black market on July 9 afternoon dropped further to
VND17,030/US$1. Banks have announced they are ready to sell dollars to
businesses and individuals at the quoted exchange rates.
The dollar purchasing price was VND16,950/US$1 while the selling price
VND17,030/US$1 on July 9. An official of a commercial bank said that
previously speculators only sold dollars when they could get the profit
of VND200-300/US$1, while they now accept the lower profit of
VND20-50/US$1.
The VND/US$ exchange rates announced by Vietcombank for July 9 were
VND16,845-16,851/US$1 (purchasing and selling).
Commercial banks on July 8 all announced they would sell more dollars to
clients at the posted exchange rates. The Bank for Investment and
Development of Vietnam (BIDV) confirmed it has enough dollars to sell to
clients.
Enterprises that need dollars to import key products for people’s lives
and local production (petroleum, materials for making products for
export, pharmaceutical materials) all can buy dollars on demand.
However, BIDV will not provide dollars to serve imports of luxury goods.
The bank has also promised to sell dollars to individual clients to
serve their demands for going abroad for medical treatment, workshops or
overseas study. As for tourists, the bank will sell $7,000 at maximum to
those taking trips of more than 10 days.
In the interbank market, BIDV said it would provide dollars regularly on
transaction days to help balance supply and demand and stabilise the
exchange rate. 20% of the foreign currency volume BIDV sells everyday
serves the demand of foreign banks.
The bank has also announced it will slash short-term lending interest
rates on foreign currency loans. Enterprises that borrow money to import
key products for local production and export will enjoy the interest
rate of 6.8% per annum, 2% lower than the current maximum rate. The rate
applied to clients who need dollars to import other products will be
8.8%, 1% lower than the maximum rate.
Techcombank’s Deputy General Director Pham Quang Thang has also
announced that his bank is ready to provide foreign currencies for
clients at the posted exchange rates.
Other banks, though having not made any official announcement, say they
will sell dollars to clients as per their capability. The banks have all
classified clients in priority order, so that they can have suitable
policies in selling dollars.
Under the current regulations, the banks that have the minus position of
foreign currencies (- 10%), can ask the State Bank of Vietnam to sell
them dollars. In a notification released late last week, the State Bank
committed to sell foreign currencies to commercial banks to satisfy the
demand of the national economy, and seek suitable solutions to supervise
the inflow and outflow of foreign currencies of foreign investors.
Source: VNS
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