Vietnam has sufficient resources to stabilise forex market: State Bank
The State Bank of Vietnam (SBV) has said it is ready to intervene in the market when the intervention rate is lower than the current listed exchange rate on a large scale by spot or forward transactions to stabilise the foreign exchange market and the macro-economy.
Hanoi (VNA) – The State Bank of Vietnam (SBV) has said it is ready tointervene in the market when the intervention rate is lower than the currentlisted exchange rate on a large scale by spot or forward transactions tostabilise the foreign exchange market and the macro-economy.
The statement wasmade by Pham Thanh Ha, Director General of the SBV’s Monetary Policy Department.
According to Ha, inJanuary, in the context of favorable international markets and a stable marketrate, the SBV continued to increase its foreign exchange reserves.
Since February, althoughthe foreign exchange market has been under certain pressure due to thecomplicated developments of the COVID-19 pandemic, exchange rate fluctuations had beenrelatively calm. On some days, the exchange rate fell close to the central bank'sbuying rate. Credit institutions have continued to sell foreign currencies tothe SBV, he stated.
However, from thebeginning of last week, the exchange rate has risen as fluctuations on the globalfinancial market increase. However, market liquidity was basically stable andlegitimate foreign currency demands have been met promptly, he added.
Ha said that the reasonsfor the recent increase in foreign exchange rates are the complicated developmentsof COVID-19 and the depreciation of currencies in many of Vietnam’s major trademarkets.
However, the balanceof foreign currency supply and demand has remained stable. Vietnam enjoyed trade surpluses of 1.82 billion USD in the first two months of 2020 and 880million USD in March. The foreign exchange position remains positive andlegitimate foreign currency needs of customers are being fully met by creditinstitutions.
Thecentral bank will continue to keep a close watch on the developments ofdomestic and foreign markets, making possible scenarios, managing the reference exchange rate flexibly, and using monetary measures and tools synchronously tostabilise the foreign exchange market, Ha stated./.
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Illustrative image (Source: VNA) 
