Foreign exchange reserves hit record $45 billion

Created 12 October 2017
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

Việt Nam’s foreign exchange reserves are at an all-time high of US$45 billion, Party General Secretary Nguyễn Phú Trọng said.

Việt Nam’s foreign exchange reserves are at an all-time high of US$45 billion. - Photo dantri.com.vn

HÀ NỘI — Việt Nam’s foreign exchange reserves are at an all-time high of US$45 billion, Party General Secretary Nguyễn Phú Trọng said.

He made this announcement in his closing speech at the sixth session of the 12th Party Central Committee on Wednesday in Hà Nội.

The reserves have increased by roughly $6 billion against the end of last year.

Previously, Governor of the State Bank of Việt Nam (SBV) Lê Minh Hưng said that the country’s foreign reserves had reached nearly $42 billion by early June.

With this new record, it means the central bank injected more than VNĐ68 trillion to buy $3 billion in the past three months.

The rise was reported in the context of the foreign exchange rate in the domestic market being relatively stable. It is estimated that the daily reference đồng/dollar exchange rate listed by the central bank in the first nine months increased by 1.4 per cent against earlier this year, while the rate in the unofficial market declined by 1.5-1.7 per cent.

According to the central bank, the liquidity of the domestic foreign exchange market was good and met the demands of local organisations and individuals.

Experts attributed the stability to reasons such as the SBV’s flexible central rate management mechanism, which ensured that the domestic foreign exchange market was less affected by global factors.

Besides this, the domestic supply-demand relationship with the dollar was relatively stable. Foreign currency supply from exports, foreign direct investments (FDIs), official development assistance (ODA) disbursement, tourism and remittances had grown positively in the past nine months, they said. — VNS


Source: VNN

Maybe You Also Interesting :

» Cyber security more difficult by the day

Cyber security will be difficult to maintain next year as hackers use smarter and more sophisticated technology to make attacks, Nguyễn Thành Hưng, Deputy...

» FPT Software and Airbus link up in aviation technology

FPT Software and Airbus signed a Letter of Intent (LoI) on looking into opportunities to develop aviation technology related to Airbus’s Skywise, a new...

» Vietnamobile enters 4G market

Vietnamobile has become the fifth operator licensed to provide 4G services in Việt Nam, baodautu.vn reported. 
loading...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet