Foreign currency exchange shops on Ha Trung street in Hanoi yesterday afternoon said that the market was witnessing another wave of dollar price increases with yesterday’s price reaching VND17,320-17,400/US$1 (purchase and sale), an increase of VND200/US$1 over the previous day.
Meanwhile, the interbank exchange rate announced by the State Bank of Vietnam for yesterday, November 12, was VND16,496/US$1, or VND2/US$1 less than the previous day. The exchange rates applied by banks have remained stable at VND16,940-16,950/US$1.
When asked why the VND/US$ exchange rate on the black market in the last few days was higher than the ceiling level, Governor of the State Bank of Vietnam Nguyen Van Giau said that it was because of speculation. However, as the volume of transactions on the black market just accounts for a small proportion, this will not affect the production and business of enterprises.
As for the domestic gold price, the price of bar gold yesterday decreased by VND50,000/tael over the previous day. SJC gold in Hanoi was quoted at VND16.56-16.66mil/tael (purchase and sale), Bao Tin Minh Chau gold VND16.55-16.61mil/tael. The current domestic price is still VND1.3mil/tael higher than the world’s price.
Investors are currently indifferent to the gold price decreases. The market is still quiet with very few transactions. Some experts say that people are not purchasing at this moment because these are not yet the bottom gold prices, and that people will wait until gold prices go down further.
1 comment:
I miss Hanoi, I bought shoes there $5. I stayed on Hai Ba Trung for a week visiting my friend.
In reference to people not purchasing at this time, if I was back there I would be buying up everything sitting on it for a few years and then selling it, like I wish I could do here had I had the money.
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