Commercial banks raise dollar rates
Commercial banks raise dollar rates
Gold prices rose marginally in the international markets and slipped slightly in Viet Nam on July 21, even as the US dollar prices rose in all local commercial banks.
At 10am in Ha Noi, the price of each tael of the state-owned SJC gold fell VND70,000 (US$3) over last week's rate. One tael (equal to 1.2 ounce) of SJC gold was listed at VND36.83 million ($1,753) at the Saigon Jewellery Company,
Meanwhile, on the global gold trading floor, kitco.com, the gold price added $0.7 per ounce and was listed at $1,311.6 per ounce ($1,580 per tael). According to reuters.com, gold steadied above the $1,300-an-ounce level following speculation over increased geopolitical risks as the United States began demanding answers from Russia after a Malaysian plane was downed in eastern Ukraine.
Thus, each tael of gold in Viet Nam was $163 higher than in the world market.
Meanwhile, the US dollar rates rallied in the local market after the SBV strengthened its foreign currency purchases last week. On July 15, SBV increased the dollar's buying rate from VND21,100 to VND21,200 and bought $60 million.
According to gafin.vn, the central bank bought more dollars in the next two days. It also said that the amount of the recent dollar purchase exceeded the dollar purchase in May 2014, which had been considered the largest amount of foreign currency to be bought by SBV this year.
In the morning session, Vietcombank increased the dollar buying and selling rates by VND20 and listed each dollar at VND21,215/VND21,265 buying/selling. The other commercial banks of BIDV, VietinBank, ACB and EximBank also increased the rates of the US dollar. In these banks, the dollar's buying rate was VND21,175 and VND 21,215, and the selling rate between VND21,240 and VND21,270.
In the flea market, the US dollar's buying and selling rates were VND21,220 and VND21,240 respectively.
On its website sbv.gov.vn, the central bank kept the US dollar's exchange rate at VND21,246, unchanged from its new rate since June 19. The central bank also set the ceiling on the dollar rate at VND21,458.5, which commercial banks were allowed to apply as an effective exchange rate with 1 per cent margin.
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