The State Bank of Vietnam (SBV) will persist in monetary policy management solutions towards macroeconomic stability, but closely follow all developments to manage the situation in an appropriate manner, SBV Governor Nguyen Thi Hong said, given the Federal Reserve System (Fed)’s latest interest rate increase.
State Bank of Vietnam Governor Nguyen Thi Hong (Photo: VNA)
Hanoi (VNA) - The State Bank of Vietnam (SBV) willpersist in monetary policy management solutions towards macroeconomicstability, but closely follow all developments to manage the situation in anappropriate manner, SBV Governor Nguyen Thi Hong said, given the FederalReserve System (Fed)’s latest interest rate increase.
According to the governor, after the Fedhiked the interest rate on September 21, currencies in many countries havedepreciated against the US dollar, such as theEuro by 1.31%, British pound by0.95%, and yuan by 0.44%.
Since the beginning of thisyear, the Japanese yen has depreciated by 25%, the Euro 13.5%, British poundby 20%, and Thai bath 11.95%, while the Vietnamese dong has depreciated only3.8%.
As of September 21, the USdollar had increased 15% compared to 2021 and 19% year-on-year. This is thehighest increase in the past 38 years and is also the reason why othercurrencies have depreciated sharply against the US dollar.
In that context, theVietnamese currency is still among the least depreciated in the world, Hongstated.
She went on to say that thebiggest challenge in macroeconomic administration is to control inflation,although international organisations have assessed that this year, Vietnam willbe able to curb inflation below 4% as the target set by the National Assembly.
The central bank will continueto control the exchange rate, and intervene in the foreign currency market tolimit fluctuations to help stabilise the foreign currency market./.
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State Bank of Vietnam Governor Nguyen Thi Hong (Photo: VNA) 
