With the current low rate of inflation, the latest adjustment of theVND/USD exchange rate will have little impact on the goal of inflationcontrol, a central bank official has said.
TheState Bank of Vietnam (SBV) on June 18 announced that the VND/USDinter-bank exchange rate will increase by 1 percent as of June 19 afterremaining intact for a year.
One USD is nowequivalent to 21,246 VND, instead of 21,036 VND. The rate at banks canbe 1 percent lower or higher than the interbank rate, ranging between21,034 and 21,458 VND per 1 USD.
Director of theSBV’s Monetary Policy Department Nguyen Thi Hong said that in thecontext of low demand and absorbency of the economy, the adjustment willfurther stimulate export, which grew at a robust 15.4 percent in thefirst five months of this year, and support economic growth.
The adjustment will also help stabilise the forex market and ensurethe legal demands for foreign currencies are met, she said.
She noted that at the beginning of the year, the SBV announced itsdirections for the monetary policy and banking activities, including theforex rate adjustment, giving plenty of time for businesses and creditinstitutions to plan their operations accordingly.-VNA
TheState Bank of Vietnam (SBV) on June 18 announced that the VND/USDinter-bank exchange rate will increase by 1 percent as of June 19 afterremaining intact for a year.
One USD is nowequivalent to 21,246 VND, instead of 21,036 VND. The rate at banks canbe 1 percent lower or higher than the interbank rate, ranging between21,034 and 21,458 VND per 1 USD.
Director of theSBV’s Monetary Policy Department Nguyen Thi Hong said that in thecontext of low demand and absorbency of the economy, the adjustment willfurther stimulate export, which grew at a robust 15.4 percent in thefirst five months of this year, and support economic growth.
The adjustment will also help stabilise the forex market and ensurethe legal demands for foreign currencies are met, she said.
She noted that at the beginning of the year, the SBV announced itsdirections for the monetary policy and banking activities, including theforex rate adjustment, giving plenty of time for businesses and creditinstitutions to plan their operations accordingly.-VNA
