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 :

» VNA and Khánh Hòa sign agreement on tourism development

The national carrier Vietnam Airlines and the People’s Committee of central Khánh Hòa Province signed a deal to promote investment, trade and tourism...

» Hòa Phát reaches 93% of annual profit target

Hòa Phát Group hit a revenue of VNĐ33.8 trillion (US$1.5 billion) in the first nine months of 2017, a year-on-year increase of 43 per cent.

» BSR to earn $88m via IPO

Bình Sơn Refining and Petrochemical Company Limited (BSR) plans to sell some five to six per cent stake to domestic and foreign investors, collecting...

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