Vietnam's foreign exchange reserves exceeded USD 53 billion
(Updated at 11:23, 10/1/2018)
State Bank of Vietnam (SBV) continued to make net purchase of more than USD 1 billion just over the first week 2018.
The size of Vietnam's foreign exchange reserves continues to set a new record early this year, according to information presented at the Conference on the implementation of banking sector tasks in 2018, held on January 9.
Specifically, reporting to the Prime Minister at the meeting, State Bank Governor Le Minh Hung said, to date, the size of foreign exchange reserves has reached more than USD 53 billion – the highest level ever. Remarkably, this scale is constantly increasing in the last months of 2017 and in the first week of 2018.
Earlier, as of the end of 2017, Deputy Governor Nguyen Thi Hong said Vietnam's foreign exchange reserves reached USD 52 billion. This scale corresponds to the amount of foreign currency purchased by the State Bank last year to about USD 13 billion.
Over the weekend, the figure that Governor Le Minh Hung updated was approximately USD 52.5 billion; and earlier this week the figure reached USD 53 billion.
With a large supply of foreign currencies, the last trading days at the end of 2017 saw a strong adjustment of USD/VND exchange rate.
Especially in the interbank market, for the first time since the State Bank reduced the purchase price of USD, the price of USD in transactions between members has penetrated the threshold of 22,710 VND - the reference buying price of the SBV Operations Center.
In addition to the large supply of foreign investment, remittances and foreign currency conversion into VND strengthened in the population, normally, this is also the time of capital conversion activities to meet the increasing demand for VND in the system.
In parallel, VND demand has clearly increased in the interbank market at the end of 2017 and early 2018, with interest rates rising sharply, e.g. overnight interest rates in the inter-bank after a long time at low levels, popular at below 1%/year, last weekend and early this week has increased to over 1.6% per year.
Hong Ngoc
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