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After the State Bank adjusted the selling price, with a new ground that reflected the actual developments in the market, expectations were met and sold with satisfaction, creating supply for the market without the need for a sales operator. support – Photo: Quang Phuc. |
Specifically, on July 23, the State Bank of Vietnam (SBV)’s Exchange strongly raised the selling price of USD on the listing, reverting to the way of applying a selling price lower than the ceiling by 50 VND as familiar as before.
Catching up with the above signal, the USD/VND exchange rate has fluctuated quite strongly since the end of last week, notably in the movement towards the ceiling price within the allowable range today (July 31).
However, a source of VnEconomy said that, after the above adjustment, from July 23 to now, the State Bank no longer has to sell to support the supply for the market.
According to this source and also an insider, there is no shortage of foreign currency supply in the market. The last problem, in addition to the great impacts from the outside world, the domestic market in Vietnam is associated with the expectation factor. If that expectation continues to be suppressed at low prices, foreign currency hoarding activities will create a tight supply in the market and put more pressure on the exchange rate.
After the State Bank adjusted the selling price, with a new ground that reflected the actual developments in the market, that expectation was certain and satisfied to sell, creating supply for the market without the need for an operator. sell support.
“The most important thing is that supply and demand in the market are satisfied, transactions are smooth, and legitimate foreign currency needs are fully met. The management avoids repression leading to supply bottlenecks in the market, which can lead to supply bottlenecks in the market. The exchange rate after such adjustment more accurately reflects the reality of movements in the market, supply and demand meet through each other. transparent and the State Bank does not have to sell support anymore”, the insider analyzed.
According to the research of VnEconomy, after the above adjustment of the State Bank, there are even commercial banks that are ready to sell foreign currency even in negative status, with the calculation will be balanced with a lower cost than the price. sold, because there is no shortage of foreign currency in the market.
A leader of a large bank said that in the first 6 months of this year, the overall balance was still in a rather high surplus; and according to an internal forecast of a specialized agency, the whole year may even have a surplus of up to 9 billion USD.
But in the short term and in the short term, in the interbank market, the VND-USD interest rate swap has just changed, which may put some pressure on the exchange rate. After continuously increasing strongly since mid-July, VND interest rates on the interbank market dropped sharply and narrowed the difference with USD interest rates in recent sessions. If this difference is too narrow or negative, it is easy to put more pressure on the exchange rate.
However, right from the beginning of this week, the State Bank quickly increased the number of T-bill offers to withdraw some dong, as well as added a longer term of up to 140 days to create a capital structure to absorb less. about more sustainability. And the delay of stepping up this regulation will soon be shortened.
Minh Duc – Theo vneconomy.vn
