Forex reserves rise to 35 billion USD

The State Bank of Vietnam received 10 billion USD in the first four months of 2014, raising the total foreign reserves to 35 billion USD, Governor Nguyen Van Binh announced.

Binh also added in the Government's April meeting that if taking into account the potential, the reserves probably amounted to 45 billion USD. Larger reserves are believed to help stabilise foreign exchange rates.

The money supply in Vietnam's banking system at the end of April was an estimated 4.18 percent, Binh noted without stating a figure.

Remittance in three months was about 2.3 billion USD. Last year, Vietnam was among the top 10 remittance recipients with 11 billion USD, and it is likely to stay robust this year, according to the World Bank's latest issue of the Migration and Development Brief.

The money supply growth rate was lower than the same period last year, which experts blamed on a decline in total demand. However, the governor of the central bank rejected the rumour, adding that the figure simply reflected the current economic situation.

Binh noted that in the first four months of 2014, total deposits at banks increased to 3.41 percent from the end of last year, or increased to 5.1 percent against the same period last year.

Source: VNA

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