SBV sets daily rate for VND-USD transactions

VGP - The State Bank of Viet Nam (SBV) on January 3 announced that it would apply a daily reference rate for VND/USD transactions starting from Monday to allow more flexibility.

January 04, 2016 3:01 PM GMT+7

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The policy will allow the foreign exchange rate to be (more) flexible in accordance with the demand and supply of foreign currency within Viet Nam and global market developments while still maintaining the SBV’s management role.

The rate is published daily, creating a basis for credit institutions and foreign branches to define their exchange rates of VND/USD.

Monday’s rate, VND21,896, is VND6 higher than the erstwhile fixed rate of VND21,890./.

By Khanh Phuong