13/10/2017 | 16:57:16

Foreign exchange reserves hit record 45 billion USD

Vietnam’s foreign exchange reserves are at an all-time high of 45 billion USD (Photo: VNA)

Vietnam’s foreign exchange reserves are at an all-time high of 45 billion USD, Party General Secretary Nguyen Phu Trong said.

He made this announcement in his closing speech at the sixth session of the 12th Party Central Committee on Wednesday in Hanoi.

The reserves have increased by roughly 6 billion USD against the end of last year.

Previously, Governor of the State Bank of Vietnam (SBV) Le Minh Hung said that the country’s foreign reserves had reached nearly 42 billion USD by early June.

With this new record, it means the central bank injected more than 68 trillion VND to buy 3 billion USD in the past three months.

The rise was reported in the context of the foreign exchange rate in the domestic market being relatively stable. It is estimated that the daily reference VND/USD exchange rate listed by the central bank in the first nine months increased by 1.4 per cent against earlier this year, while the rate in the unofficial market declined by 1.5-1.7 per cent.

According to the central bank, the liquidity of the domestic foreign exchange market was good and met the demands of local organisations and individuals.

Experts attributed the stability to reasons such as the SBV’s flexible central rate management mechanism, which ensured that the domestic foreign exchange market was less affected by global factors.

Besides this, the domestic supply-demand relationship with the dollar was relatively stable. Foreign currency supply from exports, foreign direct investments (FDI), official development assistance (ODA) disbursement, tourism and remittances had grown positively in the past nine months, they said.-VNA

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