The State Bank of Viet Nam (SBV) has so far this year bought more than US$1 billion from commercial banks to build up the nation’s foreign currency reserves.
Viet Nam’s foreign currency reserves are expected to reach US$47.5-48 billion by the end of this year thanks to the country’s stable macroeconomic conditions and strong influx.
So far this year the State Bank of Viet Nam has bought over US$10 billion in foreign exchange, increasing the country''s reserves to a record high of more than $40 billion.
The Government, for the first time, has instructed relevant ministries
to a legal mechanism to allow for part of foreign currency
reserves to be used to fund development projects.
