Dollar inches up against dong

By Dat Nguyen October 24, 2022 | 10:10 pm PT

An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

The U.S. dollar gains 0.12% over the Vietnamese dong to a new peak at commercial banks on Tuesday morning.

Vietcombank, VPBank and Techcombank all set the rate at VND24,888, which means the dong has depreciated by 8.6% from the beginning of the year.

Eximbank kept the rate unchanged from Monday at VND24,885.

At unofficial exchange points the dollar is sold at VND25,120, same as Monday.

The State Bank of Vietnam (SBV) maintained its reference rate at VND24,870. Banks can trade their greenbacks within a 5% band around that level.

Starting Tuesday central bank lifted its policy rates by 1% point to 6%, saying that the strengthening of the dollar and global inflation have put pressure on domestic interest rates and exchange rates.

Prime Minister Pham Minh Chinh said last week that the country would and pursue a flexible and prudent monetary policy throughout next year amid fluctuating energy prices and the Russia-Ukraine crisis.