Domestic market not affected much by Fed’s interest hike
The domestic market remained stable on March 16 after the US Federal Reserve (Fed) raised its interest rates for the second time in three months, with the USD/VND exchange rate declining.
Hanoi (VNA) – The domestic market remained stable on March 16 after the USFederal Reserve (Fed) raised its interest rates for the second time in threemonths, with the USD/VND exchange rate declining.
TheState Bank reduced the daily reference exchange rate to 22,252 VND per USD,down from 22,262 VND on March 15.
Mostcommercial banks adjusted their listed rates down by 40-60 VND.
Thegold prices, after going up by 100,000 VND-200,000 VND per tael earlier on theday, stabilised in mid-day and even dropped slightly at the end of the day.
Inan interview with Vietnam News Agency, banking expert Nguyen Tri Hieu said the marketwas not affected much by the Fed’s move, as it is anticipated.
Henoted, however, that further rises in Fed’s interest will put pressure on the exchangerate, as rising interest rate of USD savings in foreign countries may prompt aflow of USD abroad.
Theexpert suggested that the State Bank revise its policy on USD savings, addingthat the interest rates of VND savings may also be raised.
Heurged cautious moves to ensure credit growth in such circumstances.-VNA
Shares dropped slightly on March 15 on the HCM Stock Exchange as investors remained cautious ahead of the results of the US Federal Reserve (Fed) meeting.
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Illustrative image (Source: VNA) 
