Business · Vietnam Bureau
Vietnam's dollar reference rate falls 7 VND in mid-week trading
Vietnam's State Bank has lowered the official dollar reference rate by 7 VND, following modest gains earlier in the week. The adjustment reflects typical mid-week volatility in the currency market.
LSN Vietnam ·
The State Bank of Vietnam reduced its daily reference exchange rate by 7 VND on October 7, according to official rate announcements. This marks a reversal from gains recorded at the beginning of the week, when the reference rate had climbed 7 VND on October 2 and edged up a further 2 VND on October 6.
Under Vietnam's managed float system, the State Bank sets a reference rate each morning around which commercial banks are permitted to trade within a designated band. The current trading corridor remains set at plus or minus 5 percent, establishing operational boundaries for daily transactions.
Based on the stated parameters, the ceiling rate available to commercial banks during October 7 trading was pegged at 26,920 VND per dollar, while the floor rate stood at 24,356 VND per dollar. These limits provide commercial banks with a defined range for conducting foreign exchange business with customers.
The oscillating pattern of adjustments reflects the State Bank's ongoing management of the dong's value amid broader currency market dynamics. The central bank uses its daily rate-setting mechanism to guide Vietnam's exchange rate policy while permitting limited flexibility for market participants.