Domestic rates
On March 30, the State Bank announced the central exchange rate of Vietnam dong and US dollar at 23,230 dong (down 5 dong compared to yesterday). The reference rate at the State Bank of Vietnam is VND 23,175 (unchanged) and sold at VND 23,9265.
Exchange rates at commercial banks are as follows: Vietcombank listed the exchange rates at VND 23,520 (buying) and VND 23,550 (selling). Eximbank: VND 23,530 (buy) and VND 23,550 (sell).
On March 27, the State Bank announced the central exchange rate of Vietnam dong and US dollar at 23,235 dong (down 10 dong). The reference rate at the State Bank of Vietnam is VND 23,175 (unchanged) and sold at VND 23,650 (unchanged).
At the beginning of the morning of March 27, most commercial banks dropped their USD exchange rate sharply compared to the end of the previous session, commonly at VND 23,560 (bought) and VND 23,720 (sold).
Vietcombank and BIDV are listed at VND 23,560 (buy) and VND 23,720 (sell). Vietinbank: VND 23,535 (buy) and VND 23,695 (sell). ACB: VND 23,560 (buy) and VND 23,710 (sell).
Recently, the State Bank has instructed commercial banks to focus on postponing, rescheduling, restructuring the repayment period, reducing interest rates, reducing fees for businesses, continuing to provide new loans to create conditions for businesses to overcome difficulties. The leading state-owned commercial banks, but also joint-stock commercial banks, are also responsible for coordinating the implementation.
In addition, the SBV adjusted interest rates to signal a clear and strong signal to support credit institutions in case they need to access capital. On the basis of inflation control target, the State Bank will reduce deposit interest rates for less than 6-month terms (interest rates above 6 months are still under the agreed mechanism), which will create conditions for credit institutions to restructure capital resources in the long-term direction. term, thereby, the credit institutions are more convenient in rescheduling, exempting or reducing interest and fees in order to support customers in accordance with Circular No. 01/2020 / TT-NHNN (TT01).
Exchange rate
The US Dollar Index (DXY), which measures the fluctuation of the greenback with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), fell 1.03% at 98,422.
The US House of Representatives voted for a $ 2,000 billion historic stimulus package to deal with the effects of the COVID-19 pandemic. The newly passed bill, called the "COVID-19 anti-epidemic relief and relief act and ensuring economic security", is 883 pages long related to the US $ 2,000 billion economic bailout package. passed by the House of Representatives, the bill will be submitted to President Trump for signature.
Analysts said the support package was approved in a timely manner, but it was not enough to prevent the short-term economic impact and the rising unemployment rate that the COVID-19 epidemic caused to the US economy. The number of people applying for unemployment benefits has skyrocketed, to about 1.5 million on March 21.
President of the Federal Reserve Bank branch Louis, Mr. James Bullard, recognizes that the bailout is appropriate for the current situation, but it is only a temporary relief.
The Federal Open Market Committee (FOMC) - the Fed’s monetary policy-making body - has announced it will buy an unlimited amount of mortgaged treasury bonds and securities and open three new facilities to buy. debt of companies.
This move is the latest step of the Fed to implement an unprecedented intervention in the US economy with the aim of maintaining credit to households and businesses in the context of the economy affected. severe due to the COVID-19 pandemic.
The enormous economic losses have prompted the administration of US President Donald Trump and lawmakers to discuss stimulus packages worth more than $ 1,000 billion and prompt the Fed to make breakthrough efforts to protect the economy.
