Deputy Governor of the State Bank: the exchange rate could be reverse in near future
Deputy Governor of the State Bank of Viet Nam - Nguyễn Thị Hồng. |
According to Mrs. Nguyen Thi Hong, Deputy Governor of the Central bank, the movement of the exchange rate between VND and USD is a strong shift in the domestic market recently. It is understandable.
"In early 2016, the State bank changed to the new operation mode for exchange rate that is more flexible. It allowed the exchange rate to fluctuate every day in line with the movement of the domestic and international market. “As we see, in the world, the dollar and other currencies also have large fluctuations ", the Deputy Governor explained.
Despite the fluctuations of the market, the representatives of the State Bank said that basically the supply and demand of foreign currency has no unexpected factors, good liquidity, the legitimate needs for foreign currency of organizations and individuals are responded promptly and fully by the credit agency.
Talking about the foreign currency market in the near future, according to Mrs. Nguyen Thi Hong, increase of the exchange rate rapidly in a short time is mainly due to psychological factors and it could be reversed in the near future.
Furthermore, according to the State bank, from now until the end of the year, the supply sources of foreign currency continue to be supported by revenues from exports, remittances at the end of the year, the disbursement of direct investment inflows, indirect investment, etc. Meanwhile, the demand for foreign exchange doesn’t have great pressure, especially the need to buy foreign currency before maturity is not high, usually when the exchange rate increases.
Besides that, the State bank has allowed the credit agency to continue with foreign currency credit in accordance with Circular No. 24/2015/TT-NHN stipulated about foreign currency credit of credit agency and branches of foreign banks for customers who are residents by the end of 2017. It contributes to reduce the demand for purchasing foreign currency for overseas payment and continues to support the domestic market.
From the above situation, the State Bank said that they will monitor closely the movement of the macroeconomic, monetary and international situations in order to actively implement the appropriate measures and instruments for operation, and to stabilize the market.
"The central bank is willing to sell foreign currency to intervene in the market", Deputy Governor, Mrs. Nguyen Thi Hong asserted.
Related News
Need to effectively use tools to prevent exchange rate risks in import and export field
10:32 | 02/04/2023 Import-Export
Enterprises operate moderately; investment is limited due to difficulties in capital
10:25 | 23/03/2023 Import-Export
It is necessary to develop regulations on financial safety indicators in the field of construction and real estate
13:58 | 22/02/2023 Finance
Credit growth projected to reach 14-15% in 2023
15:40 | 17/02/2023 Finance
Latest News
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
More News
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance
Consider raising the level of penalties to ensure fairness and transparency in the stock market
13:27 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks
20:30 | 01/04/2023 Finance
Solutions to attract FDI when implementing the global minimum CIT
11:38 | 01/04/2023 Finance
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba
13:43 | 31/03/2023 Finance
Being many "hot" issues at the general meeting of shareholders of banks
09:24 | 30/03/2023 Finance
Bringing the policies on reducing land rent and water surface rent into life
15:41 | 29/03/2023 Finance
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance