This was the first such reduction in the last 12 months. The buying rate of VND23,175 per dollar had not been adjusted since November 29, 2019.

The move came as commercial banks were rushing to sell dollars to the central bank to earn profits from the high buying rate. The SBV had bought up VND30 trillion ($1.29 billion) in foreign currencies from commercial banks from November 9-13.

At the state-owned Vietcombank, the dollar buying rate was up VND10 over Monday to VND23,040 and its selling rate was VND23,250.

At Vietinbank, one of Vietnam’s three biggest lenders, the dollar buying rate dropped by VND7 to VND23,021. Its selling rate was VND23,251.

The SBV offered the selling price of VND23,813 per dollar Tuesday, down VND7 from Monday.