State Bank begins selling foreign currency

The amount of foreign currency sold by the State Bank in the last two sessions was not large, but marked an official intervention in supply and demand in the market.

Thus, nearly two weeks after implementing the message of being ready to sell foreign currency at a price lower than the ceiling, a number of commercial banks have begun to register to buy and the State Bank has responded.

However, according to research, the selling volume in the last two sessions was not large, but marked an official intervention in supply and demand in the market, after about 1 month of strong fluctuations in the USD/VND exchange rate.

On the listing board of the State Bank of Vietnam, the USD selling price is still fixed at 23,050 VND, meaning that the operator is doing exactly as previously announced: selling at a price much lower than the ceiling price.

In the interbank market, in recent trading sessions, the USD trading price has also closely followed the above-mentioned 23,050 VND mark.

On the listed tables of commercial banks, the selling price of USD fluctuates between 23,080 - 23,100 VND, while the difference between the selling and buying prices remains stable as in normal periods at 70 - 80 VND.

According to a representative of a large commercial bank, the State Bank's sale of foreign currency is a positive signal, demonstrating the role of the final buyer and seller whenever the market needs regulation.

"This is also a normal business, there is buying and selling. The main thing is that the market has a reliable supply base. The market here is interbank, in the whole system, and the free market because the transaction scale is very small, so I will not mention it," said the above representative.

On the other hand, the State Bank’s sale of foreign currency also has a notable impact at this time. With the surplus of VND, selling foreign currency means absorbing some of the VND in a concise manner, instead of mainly using short-term treasury bills to absorb it.