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Central bank to keep base rate stable   2009-05-19 -

Vietnam's central bank plans to keep its benchmark base interest rate stable and sees no need to adjust the dong/dollar exchange rate, state media quoted Governor Nguyen Van Giau as saying.

'I can confirm that the base rate will still be stable,' Tuoi Tre (Youth) daily quoted Giau as saying in response to a question about whether the central bank would lower the dong's base rate soon.

'The USD is losing its value against other major currencies, therefore, in Vietnam, there is no ground to adjust the exchange rate,' Giau added. 'On top of that there is a trade surplus, no shortage of forex supply and a very stable macro economic condition.'

The report also quoted Nguyen Quang Huy, director of the central bank's forex department, as saying the bank had increased FX sales recently to meet high demand from importers.

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