Illustrative photo (Source: VNA) Hanoi (VNS/VNA) – The State Bank of Vietnam (SBV) bought 8.35 billion USD from credit institutions between the beginning of this year and April 17 to build up the nation’s foreign reserve. According to report recently sent by the SBV to the National Assembly’s Economic Committee, SBV said the USD/VND exchange rate and the foreign exchange market was relatively stable while the liquidity of the market was also good in the first four months of the year. With the additional purchases, it is estimated Vietnam’s foreign reserve has hit some 67.35 billion USD, double the level recorded three years ago. The stability of the forex market has helped the SBV further build up the country’s foreign reserves over the past year. The central bank last year also net purchased 6 billion USD, according to SBV Governor Le Minh Hung. Analysts from the Fitch Group’s Fitch Solutions Macro Research also forecast that the ample foreign exchange reserves would help the SBV continue its course of active intervention to ensure currency stability, which suggests the Dong is likely to see minimal volatility over the coming months. Fitch also predicted Vietnam’s exchange market would remain stable this year, supported by the country’s robust foreign direct investment… Read full this story
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