State Bank buys foreign currencies to help exporters

VNGOP – The State Bank of Việt Nam (SBV) has announced that it will buy foreign currencies from credit institutions whose foreign currency assets are larger than their debts and those who have bought foreign currencies from exporters.

March 25, 2008 9:15 PM GMT+7

Together with the readjustment of interest for deposits in US dollar, which is predicted to restrict the exchange of the US dollar into Vietnamese dong in the community and settle the scarcity of Vietnamese dong in commercial banks, the move is expected to remove difficulties for export businesses.
The SBV has carried out many monetary management policies to restrict inflation such as slightly increasing the value of the Vietnamese dong against the US dollar.
The supply of the US dollar in the country has also increased due to the sharp increase in foreign investment in the country. This has raised the value of Vietnamese dong in the market higher than the exchange rate announced by the SBV.
The Ministry and many associations have warned businesses to be careful in selecting foreign currencies for payment in imports and exports.

Hải Minh