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VietNamNews

SBV’s exchange rate policy aimed for macroeconomic stability

Update: August, 02/2018 - 15:17
On Thursday, SBV announced the daily reference exchange rate at VNĐ22,666 per dollar, down VNĐ3 against the previous day. - VNA/VNS Photo
Viet Nam News

HÀ NỘI — The State Bank of Việt Nam (SBV)’s exchange rate policy was aimed at ensuring macroeconomic stability, not just export growth, said Nguyễn Thị Hồng, the bank’s deputy governor.

Hồng made the statement following suggestions that the đồng 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 Hồng, 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, Hồng 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 đồng had risen by 1.1 per cent compared to the end of last year, while with the current trading band of +/- 3 per cent, the inter-bank rate was up 2.5 per cent.

The rise was under control and in line with other currencies in the region and the world, Hồng said.

On Thursday, the SBV announced a daily reference exchange rate of VNĐ22,666 per dollar, down VNĐ3 against the previous day. 

The ceiling rate applied for commercial banks during the day was from VNĐ23,345-21,987.

Opening hour rates at commercial banks saw slight fluctuations. 

The rates listed at Vietcombank remained unchanged compared to Wednesday at VNĐ23,245 for buying and VNĐ23,325 for selling. 

BIDV added VNĐ10 to both rates, buying the greenback at VNĐ23,250 per dollar and selling at VNĐ23,330. 

Meanwhile, Techcombank listed the buying rate at VNĐ23,225, down VNĐ5, and selling rate at VNĐ23,335, up VNĐ5. — VNS

 

 

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