Fed raises interest rates for the seventh time: Reference exchange rate down 2 VND

At commercial banks, this morning, the price of the USD and the renminbi (CNY) simultaneously decreased.

Source: Internet

Rates of Exchange of Commercial Banks

At 8:30 am, Vietcombank listed the rates at 23,370 VND/USD (buying) and 23,680 VND/USD (selling), both down 20 VND from the end of December 14.

The price of CNY at this bank is listed at 3,317 - 3,459 VND/CNY (buying - selling), down VND14 in the buying and VND18 in the selling compared to yesterday.

Meanwhile, BIDV cut both rates by 70 VND, listing the buying rate at 23,390 VND/USD and the selling rate at 23,670 VND/USD.

The price of CNY is listed at 3,331 - 3,440 VND/CNY (buying - selling), down VND13 in buying and VND14 in selling compared to yesterday.

Reference exchange rate down 2 VND

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,652 VND/USD on December 15, down 2 VND from the previous day. ​

With the current trading band of +/-5%, the ceiling rate applicable to commercial banks during the day is 24,834 VND/USD, and the floor rate is 22,469 VND/USD.

Earlier, at the policy meeting on December 14 (local time), the Fed announced a smaller-scale interest rate hike than the previous four meetings, amid signs of US inflation " hypothermia".

Specifically, at its latest meeting, the Fed decided to raise interest rates by 0.5 percentage points, bringing interest rates to the highest level since 2007 at 4.25-4.5%, in the context that the bank's decisions are increasingly affecting the world's No. 1 economy.

Still, Fed officials signaled that their battle to contain inflation and slow the economy was far from over.

Source: BNEWS/VNA