Over 6 billion USD purchased to raise forex reserves
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 held a meeting in Hanoi on January 9 to launch tasks for the banking sector this year (Photo: VNA)
Hanoi (VNA) – The country net purchased over 6billion USD in 2018 to raise its foreign exchange reserves, the State Bank ofVietnam (SBV) reported at a meeting in Hanoi on January 9 to launch tasks forthe banking sector this year.
SBV Governor Le Minh Hung reported that in 2018,the central bank took concerted measures to achieve the set targets, thusgreatly helping control inflation, stabilise the macro-economy, support economicgrowth and ensure the safe operation of credit organisations.
The monetary policy has been carried out inharmony with other macro-policies, particularly the fiscal and price managementones, helping to keep the average inflation below the ceiling target of 4percent.
Interest rates have also been kept stable inspite of the upward trend in the world. Meanwhile, though there was certainpressure, gold prices and the forex market have remained stable.
He elaborated that the proactive and flexible steeringof the daily reference exchange rate, liquidity and Vietnamese dong interestrates has helped keep the USD/VND exchange rate steady. As of the end of 2018,the daily reference exchange rate rose by 1.7 – 1.8 percent while theinter-bank rate hiked 2.16 percent from the previous year.
The domestic gold market fluctuated in a narrowtrading band despite complex developments in the global market, Hung said,adding that capital resources in gold now tend to be converted into money orother types of assets to serve socio-economic development.
Noting certain difficulties in bankingactivities, SBV Deputy Governor Dao Minh Tu said in 2019, the central bank willcontinue keeping a close watch on the macro-economy and the financial market inVietnam and the world so as to make active, flexible and prudent moves toensure the stability of the monetary and forex markets.
It will also take effective measures to managethe forex and gold markets, consolidate the forex reserves, curb thedollarisation and enhance trust in the Vietnamese dong.
Additionally, credit institution restructuringand bad debt settlement will be put under strict monitoring. The SBV will alsowork to improve credit quality at the same time, Tu said.–VNA
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The State Bank of Vietnam held a meeting in Hanoi on January 9 to launch tasks for the banking sector this year (Photo: VNA) 
