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State Bank to buy up foreign currency   2008-03-26 - VNS

The State Bank of Viet Nam has announced it will buy foreign currency from credit institutions, whose foreign currency assets are larger than their debts and have previously bought foreign currency from exporters.

Ha noi — The State Bank of Viet Nam has announced it will buy foreign currency from credit institutions, whose foreign currency assets are larger than their debts and have previously bought foreign currency from exporters.

The move is hoped to ease the difficult conditions being experienced by export businesses, together with the readjustment of interest rates on US dollar deposits, which is predicted to restrict the exchange of US dollars into Vietnamese dong while also resolving the shortage of dong in commercial banks.

The SBV has also carried out a series of monetary policies to curb inflation, such as raising the value of the dong versus the US dollar.

The supply of the US dollar here has increased due to a surge in foreign investment, causing the value of the dong in circulation to be higher than the actual exchange rate announced by the SBV.

Difficulties in exporting and the steady increase in imports have further widened the trade gap. According to the Ministry of Industry and Trade, it is rare that the growth of imports (64 per cent ) exceeds exports (23 per cent) as it did in Viet Nam in the first quarter of the year.

The ministry and many associations warns traders to carefully consider whether to be paid in foreign currency, especially the US dollar.


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