The State Bank of Vietnam (SBV) obtained a large amount of foreign currencies in the first half of 2019, pushing foreign exchange reserves recorded in the period to the highest level to date.
Governor of the State Bank of Vietnam Le Minh Hung (Photo: VNA)
Hanoi (VNA) – The State Bank of Vietnam (SBV) obtaineda large amount of foreign currencies in the first half of 2019, pushing foreignexchange reserves recorded in the period to the highest level to date.
The information was released by SBV Governor Le Minh Hung ata regular Government teleconference with 63 provinces and cities nationwide inHanoi on July 4.
Hung said fluctuations in the global market in the first sixmonth were unpredictable but proactive and flexible measures had been taken tokeep the domestic foreign exchange market stable.
During the period, the reference exchange rate was adjustedby 1 percent, while the rate listed at commercial banks and inter-bank ratewere adjusted by 0.3 – 0.4 percent.
He stated the central bank has all necessary tools toeffectively control the rate.
He noted since the beginning of the year, the fourcommercial banks – Vietcombank, Vietinbank, BIDV, and Agribank – havethoroughly followed the Government and SBV’s direction in reducing interestrate for prioritised sectors.
The work has helped businesses lower costs and the bankingsystem keep a stable interest rate, he added.
Meanwhile, credit growth during January-June reached 7.33percent, roughly equaling that of the same period last year. The creditstructure shifted positively, aiding the growth of industry,processing-manufacturing, and export.
Regarding credit for animal husbandry, the Governor said outstandingbalance stood at 51 trillion VND (2.19 billion USD), of which 1.7 trillion VNDwere resulted from damage caused by the African swine fever disease.-VNA
Vietnam’s foreign currency reserves hit approximate 48 billion USD thanks to the country’s stable macroeconomic conditions and strong influx of exports, FDI and remittance.
The country net purchased over 6 billion USD in 2018 to raise its foreign exchange reserves, the State Bank of Vietnam (SBV) reported at a meeting in Hanoi on January 9 to launch tasks for the banking sector this year.
The State Bank of Vietnam (SBV) has so far this year bought more than 1 billion USD from commercial banks to build up the nation’s foreign currency reserves.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
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Governor of the State Bank of Vietnam Le Minh Hung (Photo: VNA) 
