Vietnam’s foreign exchange reserves are at an all-time high of 45 billion USD (Photo: VNA)
Hanoi (VNA) - Vietnam’sforeign exchange reserves are at an all-time high of 45 billion USD, PartyGeneral Secretary Nguyen Phu Trong said.
He made this announcementin his closing speech at the sixth session of the 12th Party CentralCommittee on Wednesday in Hanoi.
The reserves have increasedby roughly 6 billion USD against the end of last year.
Previously, Governor of theState Bank of Vietnam (SBV) Le Minh Hung said that the country’s foreignreserves had reached nearly 42 billion USD by early June.
With this new record, itmeans the central bank injected more than 68 trillion VND to buy 3 billion USDin the past three months.
The rise was reported inthe context of the foreign exchange rate in the domestic market beingrelatively stable. It is estimated that the daily reference VND/USDexchange rate listed by the central bank in the first nine months increased by1.4 per cent against earlier this year, while the rate in the unofficial marketdeclined by 1.5-1.7 per cent.
According to the centralbank, the liquidity of the domestic foreign exchange market was good and metthe demands of local organisations and individuals.
Experts attributed thestability to reasons such as the SBV’s flexible central rate managementmechanism, which ensured that the domestic foreign exchange market was lessaffected by global factors.
Besides this, the domesticsupply-demand relationship with the dollar was relatively stable. Foreigncurrency supply from exports, foreign direct investments (FDI), officialdevelopment assistance (ODA) disbursement, tourism and remittances had grownpositively in the past nine months, they said.-VNA
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Vietnam’s foreign exchange reserves are at an all-time high of 45 billion USD (Photo: VNA) 
