Friday, 19 Jul 2019

Vietnam buys in US$700 million YTD after net buying US$6 billion in 2018

Updated at Thursday, 10 Jan 2019, 10:47
The Hanoitimes - During 2018, the supply of foreign currency in Vietnam remained profuse, facilitating the central bank`s forex purchases.
The State Bank of Vietnam (SBV), the country’s central bank, has purchased a total of US$700 million worth of foreign currency since the start of this week, enhancing the forex reserves, VnEconomy reported.
Vietnam's forex reserves have topped US$60 billion.
Vietnam's forex reserves have topped US$60 billion.
The bank net bought over US$6 billion in hard currencies last year, SBV Governor Le Minh Hung said at a conference on Wednesday to roll out tasks of the banking sector in 2019, according to local media reports.

Hung did not unveil the tally of forex reserves at present.

The last time the data was available was on October 27, 2018 when Deputy Prime Minister Vuong Dinh Hue, at a National Assembly sitting, said that the country’s forex reserves topped US$60 billion.

Speaking at a government meeting on July 2, 2018, Governor Le Minh Hung tipped that the SBV had net purchased US$11 billion in the first half of that year, bringing the reserve fund to a record high of US$63.5 billion.

During 2018, the supply of foreign currency in Vietnam remained profuse, with a record trade surplus of US$7.2 billion, actual foreign direct investment of US$19.1 billion, and inbound remittances rising to US$15.9 billion as estimated by the World Bank.

Amid global uncertainties in 2018, stemming from the US Fed’s interest hikes and a wild depreciation of the Chinese yuan, the SBV managed to keep the USD/VND steady, making the Vietnamese dong one of the most stable currencies in Asia.

In the whole 2018, the mid-point exchange rate set by the SBV increased 1.7-1.8% from 2017, while the rate climbed 2.16% in the interbank market.

Looking ahead in 2019, the central bank aims to run the USD/VND rate flexibly in order to ensure macro-economic stability, enhance market confidence and increase the forex reserves, Hung said.
Anh Minh
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