Viet Nam’s Forex Reserves Reach US$12 billion

The State Bank of Viet Nam has announced the country’s foreign exchange reserves have risen to a level equal to US$12 billion, enough for 13-week importation.

These forex reserves, which increased from a level equal to eight-week importation in 2000, enable the central bank to keep the market in control and avoid adverse impacts by forex rates.

The greenback has become 1.1% stronger than Vietnamese dong so far this year, and the rate over the past three years is 3%.

The State Bank has conducted its forex policy based on the ‘basket of currencies’ principles, weighting amounts of the currencies of nations having trade ties with Viet Nam instead of only the greenback.

Reported by H.Y – Translated by Minh Tuong

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