Business · Vietnam Bureau
Vietnam's reference exchange rate declines as week begins
The State Bank of Vietnam has lowered the reference exchange rate by 5 VND at the start of the week, continuing a downward trajectory. Under the current +/- 5% trading band, commercial banks face a ceiling rate of 26,891 VND/USD and a floor rate of 24,330 VND/USD.
LSN Vietnam ·
Vietnam's reference exchange rate has resumed its decline at the beginning of the week, marking the latest move in a downward trend that has persisted through recent trading sessions. The State Bank of Vietnam adjusted the rate down by 5 VND, reflecting ongoing volatility in currency markets affecting the Southeast Asian economy.
The adjustment maintains the central bank's established trading band of +/- 5%, which continues to frame commercial bank operations. Under this framework, the ceiling rate available to banks stands at 26,891 VND/USD, while the floor rate is set at 24,330 VND/USD.
The weakening of the reference rate follows successive declines recorded on November 3, 4, and 6, indicating sustained downward pressure on the Vietnamese currency. The rate adjustments reflect broader currency market dynamics and the State Bank's management of exchange rate stability in Vietnam's financial system.
Commercial banks must operate within the established trading band when conducting foreign exchange transactions with customers, ensuring consistency across the banking sector. The reference rate serves as a key benchmark for currency transactions throughout Vietnam's economy.