SBV raises dollar exchange rate by 1 percent

The State Bank of Vietnam on January 6 announced that an increase of 1 percent in interbank average US dollar exchange rate by VND21,458 from VND21,246 a dollar, will take effect from January 7.

With a range of +/- 1 percent compared to interbank average US dollar exchange rate, the highest exchange rate will be VND21,673 a dollar, and the lowest will be VND21,243 a dollar at banks.

According to SBV, the exchange rate adjustment aims to realize Resolution No.1/NQ-CP issued on January 3 stipulating tasks and solutions to fulfill the country’s socio-economic development plan and the State budget estimates in 2015. Accordingly, the State Bank has the responsibility to control exchange rate in correspondence with movements of macro-economic, inflation, and monetary market.

In 2014, although international monetary market experienced many changes, exchange rate and foreign currency market in Vietnam was fairly steady with interbank US dollar exchange merely climbing by 1 percent, the market operating smoothly, demand for foreign currencies of organizations and individuals being fully and timely met, and the central keeping buying foreign currencies to increase its reserves.

After pinning the interbank US dollar exchange rate at VND21,246 a dollar for six months, this move aims to initiatively guide the market in accordance with movements in domestic and global fiscal markets to create stability for foreign currency market.

The central bank leaders said that they will continue to ensure synchronic implement of measures and policies to stabilize exchange rate and foreign currency market with the new level of exchange rate.

By Ham Yen – Translated by Thuy Doan

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