Dollar gains on black market, drops at banks

By Dat Nguyen   October 26, 2022 | 12:06 am PT
Dollar gains on black market, drops at banks
Woman holds U.S. dollar banknotes in this illustration taken May 30, 2022. Photo by Reuters/Dado Ruvic
The U.S. dollar continues to gain over the Vietnamese dong at unofficial exchange points Wednesday even though commercial banks have lowered its value.

It rose 0.24% from Tuesday to VND25,280 on the black market.

Vietcombank, however, let the dollar slide 0.02% from its historic peak to VND24,882.

ACB lowered the greenback’s value by the same rate to VND24,880, while Techcombank set it at VND24,883.

The State Bank of Vietnam allowed the dong to gain 0.02% in its reference rate of VND23,703.

Trading currency at unofficial exchange points in Vietnam is illegal. As the rate has been rising on the black market, the central bank has ordered banks to review their exchange points and ensure that they follow currency regulations.

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