SBV launches forex rate policies matched with targets
14-MAY-2008 Intellasia | VNA
May 14, 2008 - 7:00:00 AM
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State Bank of Vietnam reported the banking sector is implementing forex rate policies matched with targets of stabilising the value of the dong and facilitating export activities.
In order to control inflation and stabilise macro-economy, along with measures of keeping basic interest rates stable, the central bank will adjust forex rate, halt the over-depreciation or over-appreciation of the dong against US dollar, continue buying US dollar to add the state's foreign currency reserve, and carry out effective measures to withdraw money from circulation in each period.
In April, the interbank market's forex rate was around 15,956-19,967 dong/US dollar. Meanwhile, commercial banks always comply with the allowable ceiling level in foreign currency trading. In the informal market, the dong/US dollar forex rate changes along with credit institutions' transaction forex rate that now stands at 16,160-16,190 dong/US dollar.
In addition, the dong/euro exchange rate by the end of April was recorded at 25,082-25,390 dong/euro, down 0.74% against the previous month but up 6.96% from the last end of the year while the informal market's level is 25,250-25,350 dong/euro.
Recently, the central bank issued the scheme of foreign currency lending of credit institutions along with considering the purchase of US dollar from credit institutions that have positive foreign currency reserve and from exporters.
Thanks to negotiations, the US dollar deposit rate last month declined 0.05-0.15% per annum while the US dollar lending rate was nearly unchanged.
In the interbank market, due to the shortage of available capital, the US dollar lending rate last month was common at 9.64-11.38% per annum, rising by 0.96-3.88% pa against March. Total US dollar deposit balance of customers at credit institutions by the end of April grew by 1.73% while total US dollar outstanding loans rose by 1.64%.
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