Exchange rate to stabilise in 2018Despite the high devaluation of the Vietnamese dong against the US dollar after Tet (Lunar New Year) holidays, experts believe the exchange rate will remain stable this year. After increasing the daily reference exchange rate by VND10 on Wednesday, State Bank of Viet Nam on Wednesday set the rate unchanged at VND22,473 per US dollar. With the current trading band of +/- three per cent, the ceiling rate applied to commercial banks during the day was VND23,127 per US dollar and the floor rate was VND22,700 per US dollar. Commercial banks are also optimistic about the foreign exchange market in 2018, noting the market would be stable with the dong devaluing slightly by some 0.5-1 percentage points to VND22,710-VND22,950. Experts, however, have said policymakers still need to take flexible measures to control inflation in the coming time as a rise in the exchange rate can have some specific effects on the indicator.

Source: VietNamNet News March 02, 2018 08:55 UTC