State Bank to keep forex rate stable
The State Bank of Vietnam (SBV) will not make any change to foreign exchange rate, a senior executive of the bank has said.
The State Bank of Vietnam (SBV) will not make any change to foreign exchange rate, a senior executive of the bank has said.
The forex rate has been heating up for the past few weeks, ever since the central bank decided to raise the inter-bank average exchange rate between the dong and US dollar by 1 percent to 21,026 VND on June 27.
SBV Deputy Governor Le Minh Hung said on July 10 that the rise of the forex rate was not because of an imbalance in supply and demand, but merely psychological factors.
Market speculation was also another reason for the recent fluctuations in the forex rate, Hung said, emphasising that SBV will take bold measures, including pumping more US dollars into the market to stabilise the rate.
The bank set the exchange rate for the US dollar at 21,026 VND on July 10, which can move in a band of plus or minus 1 percent.-VNA
The forex rate has been heating up for the past few weeks, ever since the central bank decided to raise the inter-bank average exchange rate between the dong and US dollar by 1 percent to 21,026 VND on June 27.
SBV Deputy Governor Le Minh Hung said on July 10 that the rise of the forex rate was not because of an imbalance in supply and demand, but merely psychological factors.
Market speculation was also another reason for the recent fluctuations in the forex rate, Hung said, emphasising that SBV will take bold measures, including pumping more US dollars into the market to stabilise the rate.
The bank set the exchange rate for the US dollar at 21,026 VND on July 10, which can move in a band of plus or minus 1 percent.-VNA
You should also see
PM urges stronger cooperation between Vietnamese, Chinese Ministries of Justice
Prime Minister Pham Minh Chinh has requested the Ministries of Justice of Vietnam and China to foster cooperation and mutual support, making them to be on a par with the height of the bilateral relations.
See more
Business
InfographicADB maintains 2024 economic growth forecast for Vietnam
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
Business
Central bank plans to auction gold bars on April 22
The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
