State Bank adjusts USD/VND exchange rate band to 5%
Illustrative photo (Source: VNA)
The State Bank of Vietnam (SBV) has decided to widen the trade band of USD/VND spot exchange rate from +/-3% to +/-5%, effective from October 17.
According to the SBV, between the beginning of 2022 and now, the US Federal Reserve (Fed) and many major central banks have tightened monetary policy, and raised interest rates.
Meanwhile, the Russia-Ukraine conflict has disrupted the global supply chain, pushed up gasoline and commodity prices, causing great fluctuations in the international and domestic markets.
In response, the State Bank has proactively and flexibly implemented tools, solutions and interventions to maintain stable and smooth operation of the currency and foreign exchange markets.
The bank said after the latest trading band adjustment, it will continue to closely monitor market developments, coordinate monetary policy tools, and stay ready to sell foreign currencies to stabilise the market when necessary./.
Related News
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Ambitious profit goals of banks
10:32 | 13/04/2024 Finance
Exposing the sophisticated smuggling tricks of 2 female passengers
15:51 | 10/04/2024 Anti-Smuggling
Banks seek to attract foreign capital
10:50 | 09/04/2024 Finance
Latest News
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
More News
Majority of credit institutions forecast profit growth in 2024
15:16 | 22/04/2024 Finance
Central bank plans to auction gold bars on April 22
18:00 | 21/04/2024 Finance
Old loans must endure higher interest rates temporarily: central bank
15:44 | 19/04/2024 Finance
State-owned enterprises flourished
14:15 | 19/04/2024 Finance
Forum discusses support for women-owned firms to join supply chains
17:41 | 18/04/2024 Finance
Ensure savings and prevent losses in disbursement of public investment
10:24 | 18/04/2024 Finance
Implementing unprecedented fiscal policies to actively support people and businesses
16:25 | 17/04/2024 Finance
Foreign investors net sell in Vietnamese market, banking sector attracts interest
16:13 | 17/04/2024 Finance
Banks record positive business indicators in Q1 2024
14:20 | 16/04/2024 Finance
Your care
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance