The State Bank of Vietnam (SBV) has decided to raise the VND/USD exchange rate by one percent from 21,246 VND to 21,458 VND per USD from January 7.

Under the adjustment, the exchange rate at banks will range from 21,243 VND per USD to 21,673 VND per USD.

The move aims to realise Resolution No.1/NQ-CP issued on January 3 stipulating tasks and solutions to fulfil the country’s socio-economic development plan and the State budget estimates in 2015, the bank said in its website.

The central bank will continue to flexibly manage the monetary policy in a close relation with the fiscal policy to control inflation, ensure macro-economic stability and boost economic growth.

Despite fluctuations in the global financial market in 2014, the SBV guaranteed a stable exchange rate with the only one increase of 1 percent in June.

The outcome was attributed to the bank’s effective management of the monetary and remittance policies in addition to its commitment to further stabilising the exchange rate to enhance confidence in Vietnam dong.-VNA