Forex reserve reaches $54.5 billion: SBV Chief

Governor of the State Bank of Vietnam (SBV) Le Minh Hung said that the bank purchased about US$22 billion foreign currencies in 2016 and 2017, building the total foreign exchange reserves to over US$54.5 billion now.
He was speaking at a conference to implement trading missions in 2018 of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).
According to Mr. Hung, last year liquidity and interest rate were stable. Short, medium and long term interest rate reduction by 0.5-1 percent made practical contributions to production and trading activities of the economy and businesses.
The community of businesses no longer complained about interest rates, he said.
Especially, forex market activities were ensured thoroughly and all foreign currency demands of the economy were sufficiently supplied. Central exchange rate mechanism along with accompanying measures have promoted efficiency. These in combination with other monetary policies have kept the balance between local and foreign currency market.

By BAO TUNG – Translated by Hai Mien

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