Measures taken to stabilise foreign exchange market: SBV Governor

The Lao Ministry of Information, Culture and Tourism’s Office recently issue a notice warning foreign tourists against unlawful foreign currency trade at unauthorised establishments.

The growing volume of remittances sent to Vietnam not only boosts bank profits but also supports the country's policy of attracting foreign currency.

Credit ratings agency Fitch Ratings has recently revealed upgrades for several Vietnamese banks, in the wake of its decision to raise Vietnam's national credit rating to BB+ with a long-term outlook of "Stable".

The year-on-year inflation rate in Laos declined to 38.86% in May, down from 39.89% in April, according to the Lao Statistics Bureau.

The amount of remittances flowing to Ho Chi Minh City has continued to increase despite complicated geopolitical changes in the world, reaching about 6.8 billion USD so far, according to Nguyen Duc Lenh, Vice Director of the Ho Chi Minh branch of the State Bank of Vietnam (SBV).

Moody's Investors Service has raised ratings of many Vietnamese banks following its upgrade of Vietnam's sovereign rating to Ba2 from Ba3.

The Central Bank of Myanmar (CBM) has banned the use of foreign currency for local payments to stabilise the foreign exchange rate in the country, reported Xinhua news agency.

The State Bank of Vietnam (SBV) is collecting opinions from organisations and individuals on the Prime Minister's draft decision on offshore loans and guarantees for non-residents of economic organisations.

Although the COVID-19 pandemic has harmed the global economy, remittances to Vietnam in 2021 remained high. In particular, the sum increased sharply at the end of the year, contributing to stabilising the supply of foreign currency in the country and developing the economy.

The Vietnam State Treasury (VST) has successfully purchased 150 million USD from 30 commercial banks, said Luu Hoang, head of the VST Department of Treasury Management.

Oversea remittances to Ho Chi Minh City were worth 3.2 billion USD in the first six months of this year, despite the COVID-19 pandemic roiling on many economies around the world.

The US dollar on March 25 depreciated against the Vietnamese dong after the State Bank of Vietnam (SBV) sold the greenback on the cheap to stabilise the local foreign exchange market.

Banks have designed various measures and solutions in order to tackle difficulties facing businesses affected by the COVID-19 pandemic.

Remittances poured into Vietnam have increased continuously through years, contributing to raising foreign currency supply and stabilising the exchange rate.

In the first six months of 2019, Vietjet’s revenue from air transport continued growing by 22 percent and its air transport profit increased by 16 percent year on year.

Commercial banks have to adjust the limit of cash withdrawals in foreign currency abroad to the maximum equivalent of 30 million VND (some 1,300 USD) per day for international credit and debit cards from early this year to meet a central bank regulation.

The Bank for Investment and Cooperation of Vietnam (BIDV) and four banks of Japan’s Resona Group have signed a cooperation agreement on supporting Japanese firms in Vietnam.

Credit card holders will not be allowed to withdraw cash at card readers of domestic points of sale (POS) from March this year, said the State Bank of Vietnam (SBV).

Credit cardholders will not be allowed to withdraw cash worth more than 5 million VND for domestic transactions and no more than 30 million VND for foreign currency.