SVB enhances capacity to intervene in foreign currency market
The recent increase in the VND/USD exchange rate was due to inside and outside impacts such as some poor sessions in the domestic stock market and the USD price rise globally, according to Pham Thanh Ha, head of the State Bank of Vietnam (SBV)’s Monetary Policy Department.
Hanoi (VNA) – The recent increase in the VND/USD exchange rate wasdue to inside and outside impacts such as some poor sessions in the domesticstock market and the USD price rise globally, according to Pham Thanh Ha, headof the State Bank of Vietnam (SBV)’s Monetary Policy Department.
Ha added that the USD interest rate in the interbank market rose in linewith the world trend, while the VND interest rate remained low, resulting in a minusdifference in VND-USD interest rate.
Commenting on the exchange rate and foreign currency market so far thisyear, Ha said both were stable in the first five months thanks to factors liketrade surplus, high disbursement of foreign direct investment, big deals with highforeign indirect investment and the stable USD Index.
Amidst abundant foreign currency supply, the SBV purchased a largeamount of foreign currency to increase reserves, contributing to increasingnational monetary security and the capacity to intervene in the foreigncurrency market if necessary.
Since late May, market liquidity has been ensured, while foreign currencytransactions were smooth, stated Ha.
Ha affirmed that the SBV will continue monitoring domestic and worldmarkets, with consideration of the roadmap and impacts of the increase ininterest rate of the US Federal Reserve Bank and its impacts, as well asUS-China relations, moves of Eropean Central Banks and Japan’s central bank anddomestic foreign currency supply.
The SBV will also continue applying measures and currency policy tools,while staying ready to sell foreign currency to intervene in the market.
“If necessary, the SBV will sell foreign currency with lower price thanthe current price to stabilise the market, contributing to keeping the macro-economysteady,” stated Ha.-VNA
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Illustrative image (Source: Vietcombank) 
