More pressure on rates
More pressure on rates
The rate of VND / USD on both the formal market and freedom of the recent session took the same hands going up has made many people concerned about the stress rates later this year could occur.
On 8 / 8, with the volatility of gold prices, the USD is more commercial banks to increase sharply in some areas up to 150 VND, up to 20,800 VND. At ACB, USD to buy - sold at 20,660 VND - 20,780 VND, increasing by 80 VND to 130 VND dimensional way to buy and sell over the weekend. Margin buying - selling the bank also expanded to 120 VND. From the date of 4 / 8 so far, rates have increased about 180 VND.
On the free market, dollar also soared. Some currency exchange point in Ha Trung (Hanoi) is a popular quotation 20,750 VND - 20,850 VND. Margin buying - selling has been extended up to 100 VND instead of only 20 - 30 VND as before.
The dollar price on the market with both hands upward drive has made concerns about the possibility of strain rates later this year could occur. Besides, the difference so far between VND and USD interest rates made foreign currency credit increased rapidly during mobilization declined. This has great impact on supply and demand of foreign currency. The data reported to date 20 / 7 of the State Bank of Vietnam (SBV) shows that foreign funding of credit institutions decreased 3.29%, credit in foreign currency rose by 1.96%.
At the bank, raising the risk of falling USD has existed. Nguyen Duc Vinh - General Techcombank admitted, raising dollars in the bank fell a few months ago. Le Xuan Nghia, Vice Chairman of Financial Supervisory Commission said countries, credits six months in 2011 had doubled compared to last year. These loans are generally from 3 to 6 months, so in September, 10tro away, while the repayment of the business, the ability to strain rates are likely to occur.
In the context of remittances, direct investment and indirect foreign same decline, the trade deficit remained high, the pressure on the foreign exchange market is huge. Remittances declined from 2.4 billion in the quarter I/2011 to 1.9 billion in the second quarter of capital, foreign indirect investment in 7 months only reached 0.66 billion USD, over the same period in 2010 was 1.79 billion USD.
Empowerment USD
According to Le Duc Tho - Deputy Director of Trade Bank of Vietnam, USD price increase a few versions back entirely to - the market. Currently, the demand for dollars of business to repay the bank or to pay is high, demand has caused prices to increase the volatility. However, Mr Tho confirmed that such prices can not confirm an upward trend of the greenback this.
In a latest move, Governor Nguyen Van Binh said the issue of foreign exchange rates and will be the focus of monetary policy in the remaining months of the year. SB completely base to stabilize the foreign exchange market last year. Two measures were taken to Binh is operating monetary policy for the appropriate amount to VND reasonable traffic, not to facilitate speculation of foreign currency. Besides, the central bank will make the interest rates between foreign currencies and currency contracts in favor of the USD, good for people holding property as VND, not foreign currency.