Forex rates keep dropping

Commercial banks on October 8 continued adjusting the exchanges rates with a reduction ranging between VND160 to VND325. Vietcombank cut the rate by VND180 and VND170 against the previous day, quoting the buying/selling rates at VND22,160 to 22,260, the biggest cut by the bank this year.

The forex rates started to decline strongly from October 5, the first day after the central bank’s circular on foreign currency transactions by credit institutions took effect. The new regulation requires that foreign currency transactions must be accompanied by documents proving the purpose, amount and duration of payments.