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The State Bank of Vietnam sets the daily reference exchange rate for the US dollar at 23,109 VND/USD on May 27, up 4 VND from the previous day. (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,109 VND/USD on May 27, up 4 VND from the previous day. With the current trading band of /-3 percent, the ceiling rate applicable to commercial banks during the day is 23,802 VND/USD and the floor rate 22,415 VND/USD. The opening-hour rates at commercial banks stayed stable. At 8:30 am, Vietcombank listed the buying rate at 23,030 VND/USD, and the selling rate at 23,340 VND/USD, unchanged from the rates at the end of May 26. BIDV also kept both rates unchanged at 23,070 VND/USD (buying) and 23,350 VND/USD (selling). During the week from May 23-27, the daily reference exchange rate were adjusted down on the first two days but then turned around to follow an upward trend. It ended the week up 8 VND from the … [Read more...] about Reference exchange rate up 4 VND on May 27

Illustrative image (Source: VNA) Hanoi (VNA) – Total credit supply in 2022 reached over 11 quadrillion VND (474.3 billion USD) as of May 20, up 7.66 percent compared to that at the end of 2021 and doubling the figure recorded in the same time last year, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu. At a virtual conference of the banking sector on May 27, Tu said that right from the beginning of this year, the SBV has guided credit flow towards the production and business sectors as well as prioritised areas, while tightly controlling credit in risky areas. Particularly, a growth of over 8 percent was seen in credit for sectors facing difficulties such as tourism and hotel, while a 7.6 percent increase was recorded in industrial sectors and supporting industries. The SBV Deputy Governor said that as of the end of April, over 695 trillion VND of loans had been given to more than 1.1 million customers. Thanks to the strong credit … [Read more...] about Credit supply sees two-fold rise

People wait to withdraw money from an ATM outside a branch of Myawaddy Bank in Yangon on February 23. (Photo: AFP/VNA) Hanoi (VNA) - The Central Bank of Myanmar (CBM) has banned the use of foreign currency for local payments to stabilise the foreign exchange rate in the country, reported Xinhua news agency. The CBM asked government agencies to pay with only Myanmar kyat, saying the use of foreign currencies for domestic payments could lead to higher demand for dollars and cause exchange rate instability. The move came after it found out that some government agencies and organisations were using foreign currencies for local payments . They were using and accepting foreign currencies in some of their activities including renting lands, capital investments for insurance business and income from joint ventures, said Win Thaw, CBM deputy governor. The notification has already been sent to all ministries, region and state governments and municipal committees of … [Read more...] about Myanmar prohibits foreign currency in local payments

S&P forecast Vietnam’s GDP will grow 6.9% in 2022 before settling closer to its long-term trend of growing 6.5%-7% from 2023 onward. S&P Global Ratings on May 26 raised its long-term foreign and local currency sovereign credit ratings on Vietnam to 'BB+' from 'BB'. S&P expects Vietnam's economy to continue its upward trend. Source: S&P The rating agency also affirmed the country’s short-term rating at ‘B’ with a stable outlook. “The stable outlook reflects our expectations that over the next 12-24 months, Vietnam's economy will continue to recover from the challenges posed by the pandemic over the past two years. This will support the external position and rein in fiscal deficits,” it noted. S&P added it could raise the ratings if Vietnam's institutional settings improve considerably, in ways that augment policy predictability and transparency. Such favorable changes in the policy environment could bolster investor confidence in the … [Read more...] about Vietnam’s long-term credit rating upgraded to “BB+”: S&P

US stocks rally again as China premier warns on Covid-hit economy, illustration photo source: freepik.com After a positive session in Europe, the S&P 500 finished Thursday's session up two percent, positioning the broad-based US index to potentially snap a seven-week losing streak depending on Friday's session. "The market was very oversold, and way overdue to bounce," Adam Sarhan of 50 Park Investment said shortly before the market closed. "And what's happening now, the market is bouncing pretty strong." Stock markets have taken a beating this year as central banks have begun to raise interest rates in order to curb the highest consumer price rises in decades. But US stocks pushed higher on Wednesday after investors took a positive view of the Federal Reserve minutes, which raised hopes that while the central bank would move aggressively to lift interest rates, it might be able to halt additional rate hikes as soon as this summer if inflation recedes. Wall Street kept … [Read more...] about US stocks rally again as China premier warns on Covid-hit economy

Asian markets track Wall St higher, tech fuels Hong Kong rally- illustration photo source: freepik.com The positive mood put the region on course to end the week on a healthy note, and came after Federal Reserve minutes indicated the US central bank could take a breather in hiking interest rates if inflation shows signs of easing later in the year. Still, confidence on trading floors remains at a premium owing to a range of crises including soaring prices, tighter monetary policy, China's Covid-19 lockdowns and the war in Ukraine. Investors were in a buying mood Friday as Hong Kong jumped more than two percent, with market heavyweight Alibaba piling on more than 11 percent and search engine Baidu advancing 15 percent. The two firms posted better-than-expected sales growth in the January-March quarter, soothing fears about the impact of Covid and inflation on their bottom lines. Hong Kong's tech index jumped nearly three percent, with other giants also enjoying buying … [Read more...] about Asian markets track Wall St higher, tech fuels Hong Kong rally