Foreign exchange reserves reached an all time high of USD 54.5 billion
(Updated at 13:42, 12/1/2018)
Within the first ten days of 2018, the State Bank of Vietnam (State Bank) made net purchase of USD 1.5 billion, raising the foreign exchange reserves to a record USD 54.5 billion.
This is the latest information announced by the Governor of the State Bank of Veitnam Le Minh Hung at the Conference on the implementation of business tasks of Vietcombank on January 12, 2018.
Earlier, at the Conference on implementing banking tasks in 2018, Governor Le Minh Hung said that by the end of 2017, Vietnam's foreign exchange reserves reached over USD 53 billion.
So within the first ten days of 2018, Vietnam’s foreign exchange reserves have increased by more than USD 1.5 billion compared to the end of 2017.
In 2016 and 2017, the State Bank made purchase of USD 22 billion. "As a result, as of today, foreign exchange reserves have risen to USD 54.5 billion. This is a record-breaking number, creating the country's confidence and position in attracting investment into Vietnam", Govenor Le Minh Hung said.
The Governor said that in the past year, the banking sector has achieved many proud achievements. Amongh them are restructuring, dealing with bad debt, and managing monetary policy.
The central bank has bought a large amount of foreign currency to supplement the foreign exchange reserves since the central exchange rate regime has been flexibly managed to keep the exchange rate stable.
Thus, in the first two weeks of the year, the State Bank made net purchase of USD 2.5 billion, bringing the total amount of foreign exchange reserves purchased since applying the central rate policy (in early 2016) to USD 22 billion.
In 2017, the State Bank of Vietnam were flexible to regulate the collection of money while spending money to buy foreign currency. In particular, at the end of 2017, to avoid fluctuations in the foreign exchange market when Sabeco sold large amount of capital, the State Bank actively bought foreign currencies.
At the same time, this agency sent a written request to the Ministry of Finance requesting the transfer of proceeds from the sale of shares to the State Bank for control of the volume of money in circulation, thus limiting the impact on inflation.

Hong Ngoc
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