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Vietnamese central bank adjusts USD exchange rate

Xinhua, May 7, 2015 Adjust font size:

Vietnamese central bank announced early Thursday to adjust inter-bank average exchange rate between the Vietnamese dong (VND) and the U.S. dollar (USD) up by 1 percent.

The State Bank of Vietnam said on its website that the inter- bank average exchange rate will increase from 1 USD for 21,458 VND to 21,673 from Thursday.

Under the adjustment, the exchange rates at banks will range from 21,456 to 21,890.

The adjustment followed an increasing trend of the VND/USD exchange rate recently at commercial banks.

"The adjustment was made in order to successfully realize the country's socioeconomic development targets in 2015 and to respond to unfavorable impact from the international market," the bank said on its website.

The bank promised to continue implementing policy measures to stabilize the country's foreign exchange market.

Since the beginning of 2015, the Vietnamese central bank has set a target of foreign exchange rate adjustment not exceeding 2 percent. Earlier in January, the inter-bank average exchange rate was adjusted up by 1 percent. Thus, following the bank's commitment, there will be no room for further upward adjustment. Endi