Foreign exchange reserves hit record $45 billion

Update: October, 12/2017 - 16:50
Việt Nam’s foreign exchange reserves are at an all-time high of US$45 billion. - Photo
Viet Nam News

HÀ NỘI — Việt Nam’s foreign exchange reserves are at an all-time high of US$45 billion, Party General Secretary Nguyễn Phú Trọng said.

He made this announcement in his closing speech at the sixth session of the 12th Party Central Committee on Wednesday in Hà Nội.

The reserves have increased by roughly $6 billion against the end of last year.

Previously, Governor of the State Bank of Việt Nam (SBV) Lê Minh Hưng said that the country’s foreign reserves had reached nearly $42 billion by early June.

With this new record, it means the central bank injected more than VNĐ68 trillion to buy $3 billion in the past three months.

The rise was reported in the context of the foreign exchange rate in the domestic market being relatively stable. It is estimated that the daily reference đồng/dollar exchange rate listed by the central bank in the first nine months increased by 1.4 per cent against earlier this year, while the rate in the unofficial market declined by 1.5-1.7 per cent.

According to the central bank, the liquidity of the domestic foreign exchange market was good and met the demands of local organisations and individuals.

Experts attributed the stability to reasons such as the SBV’s flexible central rate management mechanism, which ensured that the domestic foreign exchange market was less affected by global factors.

Besides this, the domestic supply-demand relationship with the dollar was relatively stable. Foreign currency supply from exports, foreign direct investments (FDIs), official development assistance (ODA) disbursement, tourism and remittances had grown positively in the past nine months, they said. — VNS