SBV revises up central reference rate
SBV revises up central reference rate
The State Bank of Vietnam today, April 9, posted the reference exchange rate between the dong and the U.S. dollar at a fresh record high of VND22,993, up VND5 compared with the previous day.
The transaction office of the central bank quoted the dollar buying price at commercial banks at VND23,200 per dollar, unchanged from Monday, but revised upward the selling price to VND23,633, Nguoi Lao Dong newspaper reported.
Since the beginning of this year, the central bank has revised upward the central reference rate by a total of VND165, or around 0.72%. Banks in the country are allowed to trade the dollar within a band of 3% on either side of the central rate.
Meanwhile, most local banks reduced greenback prices, quoting the dollar at VND23,150 for buying and VND23,250 for selling, down VND5 against the previous day. Banks have kept their dollar prices almost stable since early this year and have even slashed them by VND5-VND10 compared with the end of last year.
On world markets, the yellow metal has kept inching up and traded at above US$1,300 per ounce. At 11 a.m., the price stood at US$1,299 per ounce, up by US$5 against the previous session.
The depreciation of the greenback and the crude oil price at its five-month high were attributed to the gold price spike.
In Vietnam, Saigon Jewelry Company (SJC) cut gold prices slightly in the morning, quoting the bullion at VND36.37 million per tael for buying and VND36.52 million for selling. A tael is equal to 1.2 troy ounces.
Other gold firms traded gold at VND36.42 million for buying and VND36.55 million for selling, up about VND30,000 against Monday.
Although domestic gold prices have dipped to record lows since early this year, most enterprises have seen the low demand of investors.
