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NEWS UPDATES 4 December 2009

Vietnam banks join forces to force dollar price down

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The dollar price on the interbank market in Vietnam has decreased sharply to 18,600 dong from 19,100, following a commitment by Vietnam’s eight biggest commercial banks to provide enough dollars to the market at the ‘official’ price, reported VietNamNet Bridge.

The banks have committed to meet the legitimate demand for foreign currencies from individuals (such as persons needing foreign currencies to use when going abroad to study or get healthcare), and from businesses which need foreign currencies to import materials for local production.

The agreement to increase the supply of dollars to the market was reached after a meeting between the State Bank of Vietnam and representatives of commercial banks on December 2.

Phan Thi Chinh, Deputy General Director of BIDV, said that the central bank and commercial banks must join forces to stabilize the market and narrow a gap of 1,000 dong per dollar between the exchange rate quoted by banks and the black market’s exchange rate.

The State Bank of Vietnam has stated that it will back commercial banks to ensure that commercial banks have the foreign currencies to sell to businesses.

The eight banks are Vietcombank, Vietinbank, the Bank for Investment and Development  (BIDV), Agribank, Asia Commercial Bank (ACB), Techcombank, Eximbank and Sacombank.


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