Currency: Vietnam Dong steady, repos shrink, interbank rates climb, Monday
The State Bank of Vietnam set the central exchange rate at VND 25,291 per US$1 on August 25, down 7 dong from August 22.
The dong held stable in unofficial markets, with the black-market mid-rate unchanged at VND 26,545 per US$1, widening the gap with Google Finance’s mid-market rate to 0.91 percent.
Key details:
- Central rate: VND 25,291 per US$, down 7 dong over three sessions
- Google Finance mid-rate: VND 26,305 per US$, down 60
- Black-market mid-rate: VND 26,545 per US$, unchanged
- Spread: 240 dong, or 0.91 percent, above Google Finance mid-rate
- Repos outstanding: Down sharply to US$40.98 million (7-day), US$954.16 million (14-day), US$244.75 million (28-day), with 91-day repos dropping to zero
- T-bills: No issuance
- Interbank rates: Overnight rose to 4.76 percent, 1-week to 4.94 percent, 2-weeks to 5.63 percent, 3-months to 5.66 percent
Of note, it was reported that the State Bank would take to selling US dollars on forward contracts to try and arrest the dong’s decline.
