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FOREIGN EXCHANGE | Cesar Tordesillas, Vietnam

Sai Gon Bank pays 0.3% higher for dollars

Sai Gon commercial Bank launched a preferential program to purchase dollars at 0.1-0.3% higher than listed prices.


This applies applying for those who sell dollars to deposit dong for at least one month at the bank. The listed bank also offered to buy gold at 0.2-0.6% higher than prices listed at transaction time.

Earlier in June, Kien Long Bank and Dai A Bank also announced to buy dollars at above listed bids to encourage the public to sell dollars and deposit the dong to the banks.

According to Kien Long Bank, this is in line with the State Bank of Vietnam's policies to reduce the public and organizations’s dollar holdings and put dollars to the banking system. They will also benefit from depositing dong rather than dollars on higher interest rates.

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