Dollar's reference exchange rate experiences a decline post Federal Reserve decision
The State Bank of Vietnam made a significant move on Thursday, setting the daily reference exchange rate at VND 25,186 per US dollar. This adjustment came after the US Federal Reserve announced its first interest rate cut of the year.
In response, major commercial banks, including Vietcombank and BIDV, also adjusted their exchange rates. Vietcombank cut both rates by VND 12, quoting the buying rate at VND 26,165 per US dollar and the selling rate at VND 26,445 per US dollar. BIDV, on the other hand, lowered the buying rate by VND 17 to VND 26,178 per US dollar, and the selling rate now stands at VND 26,445 per US dollar.
It is worth noting that Vietcombank's buying rate is lower than BIDV's buying rate, while the selling rates for both banks are the same. The current trading band for commercial banks during the day remains unchanged, with the floor rate at VND 23,927 and the ceiling rate at VND 26,445 per US dollar.
The change in the exchange rates at Vietcombank and BIDV, as well as the daily reference exchange rate set by the State Bank of Vietnam, occurred on Thursday. At 8:23 am, the opening-hour rates at major commercial banks continued to decline, with the daily reference exchange rate being lower by VND 12 compared to the previous day.
This adjustment in exchange rates is expected to have implications for the Vietnamese economy, particularly in terms of imports and exports. As always, we will continue to monitor the situation and provide updates as they become available.
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