Viet Nam’s foreign reserves has increased by 130 per cent to nearly US$64 billion in the past two-and-a-half years, Prime Minister Nguyen Xuan Phuc said.
State Bank of Viet Nam (SBV) has continuously bought in hard currencies in the past few months, raising the country’s foreign reserves to a record high of US$63 billion.
Adoption of appropriate policies by the State Bank of Viet Nam (SBV) has helped it buy a large amount of US dollars to increase the nation’s foreign reserves, industry insiders said.
The State Bank of Viet Nam’s transaction centre this week raised the reference buying rate for the US dollar by VND50 to VND22,725, revealing its intention to expand foreign reserves.
Viet Nam''s government has added sources formulating the State foreign
reserves, which is viewed as a good move to enrich the reserves and
strengthen the resilience of the economy.
The State Bank of Viet Nam received US$10 billion in the first four
months of 2014, raising the total foreign reserves to $35 billion,
Governor Nguyen Van Binh announced.
The State Bank of Viet Nam intends to keep up gold auctions to correct
imbalances in supply and demand in the domestic market, according to the
Head of the Foreign Exchange Department, Nguyen Quang Huy.
A healthier level of foreign currency reserves eased pressure on the State Bank of Viet Nam to devalue the dong, according to an ANZ economics released late last week.