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Vietnam central bank says will keep forex rate stable

Wednesday, November 19, 2014, 11:21 GMT+7
Vietnam central bank says will keep forex rate stable
Fear of an adjustment has left the exchange rate volatile over the last few days.

The State Bank of Vietnam will keep the dollar/dong exchange rate stable as there is no reason to adjust it, it said in a press release late Tuesday.

Fear of an adjustment has left the exchange rate volatile over the last few days, the central bank said.

Rumors of exchange rate changes have strengthened the U.S. dollar since early this week. The greenback gained 20 - 40 dong from a day earlier, hitting a rate of VND21,410 – VND21,430 per dollar on Tuesday.

The State Bank of Vietnam said there is no need to adjust the foreign exchange rate as demand for foreign currency remains stable, the foreign currency supply is still positive and there are is no major new demand for foreign currency.

Vietnam posted a US$2.36 billion trade surplus in the first ten months of this year, and the overall balance of payments recorded a surplus of $11 billion.

The disbursement of foreign direct investment and remittances have both increased and will be on an upward trend in the last months of this year, according to the central bank.

The last factor contributing to the stable forex development is that the foreign currency market remains normal.

Demand for foreign currency from individuals and organizations is being met well by credit institutions, while the amount of foreign currency sold to banks also soared, the central bank added.

The State Bank of Vietnam also committed to maintaining a stable foreign exchange rate to stabilize the monetary and foreign currency markets.

The central bank will be willing to sell foreign currency to intervene in the market if necessary, it added.

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