Hanoi (VNA) - The State Bank of Vietnam (SBV) decided to sharply increase the selling price of the US dollar by 300 VND to 23,700 VND/USD on September 7.
This is the third increase in the selling price of the greenback since the beginning of this year. Previously, the SBV adjusted the USD exchange rate by 200 VND to 23,250 VND/USD in May and continued to raise it to 23,400 VND/USD in early July.
Economists said that the bank’s decision to sharply increase the selling price of the US dollar is not surprising, as recently some investment organisations have predicted this adjustment.
The central bank has sold a large amount of foreign currencies from its reserves since the beginning of the year.
According to BIDV Securities Company (BSC Securities), Vietnam's foreign exchange reserve stands at about 97.7 billion USD, a significant decrease from the record of 110 billion USD.
Pham Chi Quang, Deputy Director General in charge of the Monetary Policy Department of the SBV, said that the bank will increase the intervention sale of foreign currency to be ready to ensure the regular supply of foreign currencies to the market, thus creating conditions for the credit institution system to fully and promptly meet the legitimate foreign currency need of organisations and individuals.
The SBV said it will manage the interest rate towards the creation of room for the exchange rates to develop flexibly and absorb shocks from the outside, while interfering in the market to minimise the over-fluctuation of the rates, contributing to stabilising the foreign currency market.
To ensure macroeconomic stability and control inflation, since the beginning of this year, the SBV has sold foreign currencies through suitable methods, meeting the demand of the economy and maintaining the VND liquidity to support the VND interest rate stability, thus assisting the socio-economic recovery and development process, said Quang.
The bank will continue to coordinate with relevant agencies to make concerted management over VND liquidity to ensure the stability of the exchange rates, foreign currency market and interest rates, he added./.
Large banks are starting to join the deposit interest rate hike race along with small- and medium-sized banks due to rising capital demand pressure after a long time staying out of the game.
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Illustrative image (Photo: VNA) 
