Dollar strengthens to new record against dong

By Dat Nguyen   October 23, 2022 | 11:43 pm PT
Dollar strengthens to new record against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar gained 0.06% over the Vietnamese dong Monday to a new peak of VND24,885 at Vietcombank.

Its value has surged 8.6% this year at the state-owned lender.

Other lenders, including Sacombank and Eximbank, also hiked the rate to VND24,885, the maximum rate allowed Monday.

The State Bank of Vietnam (SBV) set its reference rate at VND23,700, up 2.4% from the beginning of the year.

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

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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