The State Bank of Vietnam’s recent increase of the inter-bank average exchange rate by one percent is seen as a positive move to help import and export businesses take strong initiative at the outset of 2015.
Deputy Governor of the central bank Nguyen Thi Hong said the move is intended to position the market ahead of recent developments in domestic and international financial markets, adding that the SBV will continue to enact measures and policy instruments in order to stabilize the exchange rate and foreign currency market on this new rate platform.
Exchanging foreign currency. (Photo for illustration)
The adjustment will be especially beneficial for the export sector, since Vietnam remains highly dependent on exported goods, noted Can Van Luc, a banking-finance expert.
Meanwhile, Deputy Director of the Bank for Foreign Trade of Vietnam (Vietcombank) Pham Thanh Ha said the exchange rate adjustment was timed to indirectly increase the foreign currency supply and the foreign direct investment (FDI) disbursement.
The early adjustment is a significant boost for businesses, and poses a valuable opportunity to build and implement new manufacturing activities, he added.
Director General of the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) Le Duc Tho said the adjustment is an important step toward facilitating the development of a more transparent and sustainable monetary market.
The adjustment is also essential in balancing the exchange rate with fluctuating macroeconomic factors, as well as facilitating the operation of the Vietnamese foreign currency market and supporting commercial banks and enterprises with clear information for their business activities, he said.
In response to the SBV’s decision to increase the inter-bank average exchange rate by one percent on January 7, numerous banks have increased the US dollar/Vietnamese Dong exchange rate.
Vietcombank, Vietinbank, Eximbank and Techcombank, among other commercial banks, have set new selling prices between 21,420 VND and 21,450 VND, with corresponding purchase prices between 21,510 VND and 21,520 VND to one US dollar.
Source: VNA
Đăng ký: VietNam News