In response to the State Bank’s decision to increase the inter-bank average exchange rate by one percent on January 7, numerous banks have increased the US dollar exchange rate.

The selling prices ranged from 21,420 VND to 21,450 VND and purchasing prices were set at between 21,510 VND and 21,520 VND to one US dollar at commercial banks including Vietcombank, Vietinbank, Eximbank and Techcombank.

This is the first time this year the State Bank has adjusted the exchange rate, a move aimed at actively leading the market in line with the international and domestic financial market climate, and stabilising the foreign exchange market.

The central bank will work to simultaneously carry out measures and policy instruments to stabilise the exchange rate and foreign currency market on the new rate platform.

During a conference on banking sector responsibility in 2015, Governor of the State Bank Nguyen Van Binh stressed that one of the sector’s targets this year is to continue to maintain the stability of the foreign exchange market and to keep rate fluctuation below 2 percent, though he added it is not an easy target.