Reference exchange rate down 3 VND on August 2

August 02, 2024 | 10:15

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The State Bank of Vietnam set the daily reference exchange rate at 24,242 VND/USD on August 2, down 3 VND from the previous day.

Reference exchange rate down 3 VND on August 2, Illustrative image (Photo: VNA)

Hanoi - The State Bank of Vietnam set the daily reference exchange rate at 24,242 VND/USD on August 2, down 3 VND from the previous day.

With the current trading band of +/- 5 per cent, the ceiling rate applicable for commercial banks during the day is 25,454 VND/USD and the floor rate 23,030 VND/USD.

At commercial banks, the opening-hour rates also saw decreases.

At 8:31am, Vietcombank listed the rates at 25,060 VND/USD (buying) and 25,400 VND/USD (selling), both down 25 VND, from the previous day.

Meanwhile, BIDV cut the buying rate by 5 VND and kept the selling rate unchanged, listing at 25,060 VND/USD and 25,405 VND/USD, respectively.

Interest rate hike may not be suitable answer

Raising interest rates amid low credit growth will negatively impact the economy and are not the optimal solution for stabilising the current high exchange rate, economists have said.

Hanoi's credit growth surges in first seven months

Promising credit growth in Hanoi over the first seven months is expected to continue in the second half of the year as access to loans for individuals and businesses improving.

By VNA

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