![]() Notably, in the context of strong market fluctuations, having a good foreign currency buffer helps the SBV to be more proactive and aggressive in intervening in the foreign exchange market when necessary.įorecasting exchange rate movements, UOB's analysts said the đồng will likely remain stable though the SBV cut policy interest rates twice thanks to the recovery of exports and industrial production in the coming months, and falling inflation.įorecast results in April of the Vietnam Interbank Market Research Association (VIRA) also showed the spot rate of US$/VND in the interbank market will be stable at around VND23,476 per US dollar, against VND23,592 in March. The above developments have facilitated the SBV to buy foreign currencies this year, which has helped increase the nation’s foreign exchange reserves and put a large amount of đồng into circulation to support liquidity for credit institutions.Īccording to Saigon Securities, the exchange rate listed at banks has continued to cool down while the rate on the interbank market has approached the buying price on the SBV’s Operations Centre, which has activated foreign currency purchases from the SBV.Īt the Government's regular meeting in March, Governor Nguyen Thi Hong said the SBV bought US$4 billion in the first quarter of 2023.Īccording to experts, the SBV’s continual purchase of foreign currencies to strengthen the nation’s foreign exchange reserves is very important.Ī member of the Financial Policy Advisory Council said increasing the nation’s foreign exchange reserves has helped the SBV have more room in managing its policies flexibly, stabilising the exchange rate, improving the value of the đồng and creating confidence among foreign investors. Vietcombank, SHB and SeABank this year signed a series of international credit contracts while VPBank completed the capital sale of up to about US$1.5 billion to foreign partners. Vo Tri Thanh, member of the National Monetary and Financial Policy Advisory Council, besides inflation being under control, foreign currency liquidity has improved markedly thanks to the relatively positive supply of foreign currency from disbursed FDI inflows, the recovery of the tourism sector after the pandemic, and rising trade surplus, which has helped the exchange rate to be stable under global uncertainty.īesides, foreign currency inflows from capital sales and disbursement of foreign currency loans have been quite positive. UOB said when the State Bank of Vietnam (SBV) balances efforts to promote economic growth and ensure price stability, it is likely that the SBV will favour a more loose policy in the coming period.Īccording to Dr. These include Revolut, Wise and the 28 Degrees card.According to the Singapore-based United Overseas Bank (UOB), the Vietnamese dong (VND) is one of the most stable currencies in Asia.ĭespite major changes in the Fed's interest rate hike expectations and fears of a global recession, the đồng traded in a narrow range of 0.8%, at around VND23,600 per dollar, UOB said in its global economic outlook report for the second quarter of 2023 released recently. While this is still the case with most bank travel cards, there are much better options available. ![]() Travel money cards - These cards used to have terrible exchange rates and a heaps of hidden fees.These online services are a much cheaper option than using an Australian bank. International money transfers - If you are sending money from Australia to Vietnam, using a money transfer service like Wise or OFX is a great way to convert your currency.In some countries they have very competitive money changers if you are willing to go out of your way to find them. Overseas - Sometimes it can actually be cheaper to buy your Vietnamese dong abroad.It's a good idea to call ahead to check their rates and to make sure they have enough vatu in stock. Just locate a store near you and bring your ID. In-store - this is one of the best ways to get your currency fast.Most will either deliver it to your home or allow click and collect. Online money changers, like S Money, have the best exchange rates. ![]() It's similar to buying anything else online but you will need some ID on hand.
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