SBV affirms no more exchange rate adjustment this year

The State Bank of Vietnam (SBV) would not adjust the exchange rate until early months of 2016 and all measures would be applied to stabilize the rate and foreign exchange market, deputy governor Nguyen Thi Hong affirmed at a meeting yesterday afternoon.

A bank’s overtime transaction counter in HCMC (Photo: SGGP)

Ms. Hong said that SBV had anticipated fluctuations including the Chinese yuan devaluation and the Federal Reserve Systems’ interest rate increase possibility in the latest rate change.

That was an ahead and flexible step to improve the competitiveness of the Vietnamese dong and meet changes in the market.

On August 24, many commercial banks raised the Vietnamese dong to US dollar exchange rate to the ceiling permissible level of VND22,547 per dollar.

According to analysts, the move showed large expectations of further exchange rate adjustment although SBV had lifted it by 1 percent and expanded the trading band to plus or minus 3 percent since August 19.

By Ham Yen – Translated by Hai Mien

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