The dong’s black market rate widened further against official benchmarks, Thursday, signalling ongoing FX pressures despite steady interbank rates and active State Bank of Vietnam (SBV) liquidity operations.
Key details:
- Central rate: SBV fixed the dong at VND 25,248 per US$1, up 2 dong from the previous day.
- Market rate: Google mid-market held at around VND 26,387 per US$1, flat on day.
- Black market: Buy/sell quotes rose to VND 26,800–26,900, with the mid-market at VND 26,850.
- Spread: The gap between black market and Google mid-market widened to 463 dong, or 1.75 percent, up from 1.67 percent on 3 September.
- Liquidity tools: SBV injected US$343.6 million via 14-day repos and US$133 million via 28-day repos. No new T-bills issued.
- Rates: Interbank overnight held at 2.03 percent, with one-week at 3.84 percent and three-month at 5.58 percent.
Vietnam’s FX market remains under strain as dollar demand persists, with the parallel market premium staying above 1.5 percent.
The SBV continues to rely on repo injections to stabilise liquidity and contain interbank volatility, but the widening black market gap suggests ongoing depreciation pressure on the dong.
See also: How Low Can the Vietnamese Dong Go? Why it’s Sliding & What Might Happen Next