Central bank governor says Vietnam forex reserves at $37 bln

Live Quote: On

RSS

My Page | Contact Us

RSS

RSS

Company A-Z | Stock Screener | My Portfolios | Streaming Quotes | Technical Analysis

Investing Tools

Useful Links

Saturday, April 20, 2024 4:54:43 PM - Markets open

VN-INDEX

1,174.85

-18.16/-1.52%

HNX-INDEX

220.80

-5.40/-2.39%

UPCOM-INDEX

87.16

-0.99/-1.12%

Central bank governor says Vietnam forex reserves at $37 bln

Báo Thanh niên - 7/30/2015 4:13:20 PM

(0 ratings. You must sign in to rate.)

Print |

Add To Favorites |

Email |

RSS

Vietnam's foreign exchange reserves increased by 2.7 percent to US$37 billion so far this year, the chief central banker was quoted as saying in news website Saigon Times Online on Wednesday.

The figures could reach about $40 billion if other items, such as gold reserves, which were estimated at 10 tons, and deposits in foreign currencies by the State Treasury and credit institutions at the central bank are included, Governor Nguyen Van Binh of the State Bank of Vietnam (SBV) said.

His comment came amid speculations that the country's forex reserves were reducing as trade deficit continued in Q2 and reached $3.75 billion by the end of June.

Vietnam devalued the dong currency twice this year by a combined 2 percent. The central bank plans to keep the depreciation less than 2 percent for the whole of 2015, a deputy governor said in May.

Binh believed the plan would not have a negative impact of accelerating the depreciation in 2016.

"[SBV] has [sufficient] forex reserves to intervene when needed... and manages forex rates in a long-term approach," he was quoted as saying.

The gold reserves also reached a record high since 2012, the report said.

"The [local] gold market is now totally under control, and SBV can intervene when necessary with its reserves," Binh was quoted as saying.

Newer News
19/04	Overseas remittances to HCM City record highest increase in three years
19/04	Old loans must endure higher interest rates temporarily: SBV
19/04	Commercial banks raise deposit rates
16/04	Gold bar auction to be resumed after 11 years of suspension
16/04	Banks record positive business indicators in Q1 2024
12/04	Military Insurance targets top four spot in non-life insurance market for 2024
12/04	PM Chính requires strengthened gold market management
10/04	SJC gold price turns down, gold ring conquers new mark
05/04	Central bank reassures customer rights following $13.5m deposit loss
05/04	Việt Nam participates in ASEAN meetings, boosts financial and monetary cooperation

Older News
30/07	Prudential Vietnam to acquire half of 20-year sovereign bonds
29/07	Central bank unhappy with loan package for transport infrastructure
29/07	Gov't debt trader to lift charter capital to $273m
28/07	Investors turn away as gold loses its sheen
27/07	SBV explains changes to personal loan limit
25/07	HCM City reviews bank-business links
23/07	State-owned banks maintain ground in first 6 months
23/07	MDB to be merged into Maritime Bank
23/07	Will Vietnamese banks pass the stress test?
23/07	DongABank, Eximbank delay votes on key positions

Newsletter Signup

Top Stories

	Gold bar auction to be resumed after 11 years of suspension
	PM Chính requires strengthened gold market management
	Bank shareholders to receive high dividends, stock bonuses
	Shares sustain gains on strong investor confidence
	Banks given advantages to CASA ratio