Forex viet nam

The State Bank of Viet Nam (SBV)’s exchange rate policy was aimed at ensuring macroeconomic stability, not just export growth, said Nguyen Thi Hong, the bank’s deputy governor. Hong made the statement following suggestions that the dong should be further weakened against the US dollar to support the country’s exports, especially given the recent devaluation of the Chinese yuan. According to Hong, the SBV had been monitoring several currencies as well as the yuan to set its daily reference exchange rates. Besides managing the forex market based on the daily reference rate, Hong said that SBV was also looking at other factors such as interest rates and liquidity, as well as fiscal policies to ensure the country meets its macroeconomic targets. The SBV reported that by August 1, the central bank’s daily reference exchange rate of the dollar against the dong had risen by 1.1 per cent compared to the end of last year, while with the current trading band of +/- 3 per … [Read more...] about SBV’s forex policy aimed for macroeconomic stability

Viet Nam’s foreign reserves has increased by 130 per cent to nearly US$64 billion in the past two-and-a-half years, Prime Minister Nguyen Xuan Phuc said. At a group meeting of the National Assembly on socio-economic affairs on Tuesday, Phuc said the exchange rate has been also stable and inflation has kept under control. Experts attributed the stability to factors such as State Bank of Viet Nam (SBV)’s flexible central rate management mechanism, which ensured that the domestic foreign exchange market was less affected by global factors. In addition to this, the domestic supply-demand relationship with the dollar was relatively stable, thanks to foreign currency supply from exports, foreign investment, official development assistance, tourism and remittances. SBV affirmed it would continuously try to build up the country’s foreign reserves this year to cushion external shocks, besides supporting efforts to stabilise the forex market. Fitch Ratings recently also … [Read more...] about Viet Nam’s foreign reserves hit US$64bn

Some commercial banks appreciated the US dollar after last week’s interest rate hike by the US Federal Reserve (Fed).– Photo vov.vn Some commercial banks appreciated the US dollar after last week’s interest rate hike by the US Federal Reserve (Fed). Experts, however, have said the exchange rate between the US dollar and Vietnamese dong is likely to remain relatively stable throughout the year. In its first policy meeting under new Fed chief Jerome Powell on Wednesday, Fed lifted its benchmark overnight lending rate by a quarter of a percentage point to a range of 1.50 per cent to 1.75 per cent. After this rise, Fed is predicted to have at least two more hikes for 2018, highlighting its growing confidence that tax cuts and government spending will boost the economy and inflation and spur more aggressive future controls. After the Fed’s decision, domestic commercial banks also increased their US$/VND exchange rate. On Friday Vietcombank and BIDV listed the dollar … [Read more...] about Stable foreign exchange rate expected in 2018

With a record high of nearly US$13.8 billion in remittances last year, Việt Nam now ranks 10th among the top recipients of remittances globally. — Photo thoibaonganhang.vn� Photo With a record high of nearly US$13.8 billion in remittances last year, Viet Nam now ranks 10th among the top recipients of remittances globally. According to a World Bank report, following a 10 per cent decline in 2016, Viet Nam received approximately $13.781 billion in remittances last year, up 16 per cent against the preceding year. With this rebound, Viet Nam replaced Bangladesh in the list of top 10 countries and territories having the most substantial remittances in the world. Up to 60 per cent of the remittances to Viet Nam last year came from the US, while Europe accounted for nearly 20 per cent of the money sent home by overseas Vietnamese. Other major sources were China, South Korea and Japan. HCM City remained the largest recipient of remittances in Viet Nam, with the inflows … [Read more...] about VN gets 10th most in remittances