Sign up | Log in



Home  >>   Daily News  >>   Vietnam News  >> Economy  >> Central bank adds to forex reserves
NEW UPDATES Asean Affairs  3 April 2014  

Central bank adds to forex reserves

HA NOI (VNS)— The State Bank of Viet Nam (SBV) purchased roughly US$7.7 billion worth of foreign currency for the national foreign exchange reserve in the first quarter this year thanks to stable foreign exchange rates, SBV Governor Nguyen Van Binh said.

The purchase had enriched the national forex reserve, which was reported to be more than $30 billion at the end of last year, and would help stabilise the forex rate, he said.

However, Binh noted that increasing foreign exchange reserves put a large amount of pressure on the Vietnamese dong, because the goal was to inject money without causing inflation and foreign exchange rate fluctuations.

The exchange rate between the Vietnamese dong and the US dollar quoted at local commercial banks yesterday was stable at VND21,075-21,085 and VND21,115-21,125 to the dollar for bid and ask, respectively.

The interbank rate quoted at SBV transaction offices has remained unchanged at VND21,036 to the dollar from late June last year.

Binh said that in the first quarter of this year, monetary and gold markets were also stable.

He said that the monetary market had shown positive signs after nearly a month of interest rate cuts. Although the deposit interest rate for 1-6 month terms was cut to 6 per cent from 7 per cent last month, bank deposits had risen sharply. Lending rates for corresponding terms were also cut by 0.5-1 per cent, he said.

Binh added that lending in March was up 1 per cent month on month.

With increased lending in March, Binh said he was unconcerned about credit growth this year, adding that he expected the 12-14 per cent annual credit growth target to be achieved.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                            April 3, 2014 Subsribe Now !
• Wonderful Lake Toba in North Sumatra designated National Geopark Subcribe: Asean Affairs Global Magazine
• Nusa Konstruksi’s profits jump by 40 percent
• Laos 2015 satellite launch 'on track'
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Philippines monitoring tsunami possibility after Chile quake
• Central bank adds to forex reserves
Asean Analysis                    April 3, 2014
• Asean Analysis April 3, 2014
Why Obama and Abe Should Take Lead on TPP
Advertise Your Brand

Asean Stock Watch    April 2, 2014
• Asean Stock Watch-April 2 2014
The Biweekly Update
• The Biweekly Update  March 21, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand