SBV assures no further dong/dollar exchange rate changes
The State Bank of Vietnam (SBV) will not make any further adjustment to the Vietnam Dong/US Dollar exchange rate this year, SBV Deputy Governor Nguyen Thi Hong said.
SBV assures no further dong/dollar exchange rate changes. (Photo: VNA)
The State Bank of Vietnam (SBV) will not make any further adjustment to the Vietnam Dong/US Dollar exchange rate this year, SBV Deputy Governor Nguyen Thi Hong said in a press release issued late on August 24.
The statement was made following the recent Vietnam Dong weakening against the US Dollar, notably on the interbank markets where the Dong fell to its bottom of 22,547 VND/USD on August 24.
The depreciation was mainly due to psychological factors amid China’s surprise devaluation of its Yuan currency and probably rumors attempting speculation, the SBV official explained.
She reassured that the SBV will undertake various interventions to stablise exchange rates through early 2016.
She noted that the SBV’s adjustment to the trading band of Vietnam Dong/US Dollar was a pre-cautionary move, taking into account the possibility that the US’s Federal Reserve Bank (Fed) will make a liftoff in interest rates.
However, the Fed would tiptoe around this decision after China devalued its Yuan against the US dollar, Ph.D Le Xuan Nghia, an economist said.-VNA
The SBV’s recent adjustment of the VND/USD trading band up by 1 percent is a timely and sound response to the currency market’s movement amid the Chinese yuan's sharp weakening gainst the US dollar.
The State Bank of Vietnam (SBV) has increased the average inter-bank exchange rate between the VND and USD applicable to August 19 by 1 percent, from 21,673 VND to 21,890 VND per one USD.
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Nguyen Thi Hong, Deputy Governor of the State Bank of Vietnam (SBV), on August 19 met the media to explain the SBV’s decision to raise the interbank USD/VND exchange rate.
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SBV assures no further dong/dollar exchange rate changes. (Photo: VNA)
