Foreign exchange rate remains unchanged, says SBV
(VOV) -Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong on Oct. 6 affirmed that no adjustments have been made in the foreign exchange rate at present despite the price of US dollar is rising during these days.
Though the forex rate saw an increase on the inter-bank market in early October, it was much lower than that stipulated by the SBV, Hong said.
She attributed the rise to rumours about the central bank’s adjustment in the current forex rate. The foreign currency supply and demand were stable in September, resulting in a surplus of around US$11 billion in overall payment balance in the nine-month period.
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According to some other opinions, Vietnam dong (VND) is losing its price due to heavy pressure caused by abundant liquidity in the banking system. Moreover, inter-bank interest rate was at low level, so credit organizations were hesitant to buy foreign currency.
However, Hong said VND liquidity has reduced, while credit growth is resuming, with September figure hitting 7.26% compared to the end of last year.
She noted that the SBV will continue monitoring strictly forex rate and implement monetary policy tools to stabilize the foreign currency market if necessary. The State bank is willing to sell foreign currency to keep forex rate at a stable level, Hong added.