Commercial banks have consecutively lowered the value of the US dollar against the Vietnamese dong during the final days of 2018, helping the USD/VND exchange rate close the year under control.
The State Bank of Vietnam continued to raise the daily reference exchange rate on December 17, the first day of the week, to 22,783 VND/USD, 5 VND higher than the rate on the last day of previous week (December 14).
Bank Indonesia (BI) said on November 27 that it will continue to adopt its pre-emptive and ahead-of-the-curve monetary policy in a bid to maintain economic stability amid the high external pressure in 2019.
The Monetary Authority of Singapore (MAS) on October 12 decided to tighten its monetary policy for the second time this year, forecasting the economy to expand steadily and core inflation to rise.
The State Bank of Vietnam (SBV) will likely continue its tightened monetary policy in the remaining months of the year after its decision to strictly control lending to high risk sectors in the third quarter didn’t adversely affect the country’s economic growth, according to experts.
Deputy Prime Minister Vuong Dinh Hue, Chairman of the National Financial and Monetary Policy Advisory Council, chaired a meeting in Hanoi on September 28 to review monetary policy for the third quarter of 2018 and outline tasks for the coming time.
The average consumer price index (CPI) in the nine months of 2018 rose by 3.57 percent year on year, compared to the 4.14-percent growth in the same period last year, according to the General Statistics Office (GSO).
The State Bank of Vietnam (SBV)’s revision of the USD selling price up to 23,273 VND on July 23, a strong increase from the rate it had kept from the month’s beginning, is a move suitable with domestic and foreign markets, an SBV official said.
Prime Minister Nguyen Xuan Phuc said he is looking for the honest recommendations from experts on issues facing Vietnam’s monetary and financial policies, helping the Government come up with prompt actions.
Singapore’s economy in the second quarter of 2018 expanded just 3.8 percent from the same period last year, and only 1 percent from the previous quarter, a result slower than the median forecast of 4 percent and 1.2 percent in a Reuters poll of economists.
Vietnam’s economy maintained impressive growth in the second quarter this year, according to a macroeconomic report released by the Vietnam Institute for Economic and Policy Research (VEPR) in Hanoi on July 11.
Deputy Prime Minister Vuong Dinh Hue has asked the State Bank of Vietnam to actively and proactively direct monetary policy; closely combine with fiscal and macro-policies to control inflation; and prevent double inflation caused by higher foreign exchange rates and global fuel prices.
Singapore has decided to tighten its monetary policy for the first time in six years as part of efforts to cope with risks of global trade tension, local authorities announced on April 13.
The Vietnamese Government hopes to receive further policy evaluations and consultancies from the International Monetary Fund (IMF) to restructure the economy, creating momentum for growth, said Deputy Prime Minister Vuong Dinh Hue.
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