Foreign exchange reserves hit 63.5 billion USD
Tuesday, July 3,2018AsemconnectVietnam - The State Bank of Vietnam (SBV)’s net purchase of foreign currencies exceeded 11 billion USD in the first half of 2018, increasing the nation’s foreign exchange reserves to approximately 63.5 billion USD.
The figures were announced by SBV Governor Le Minh Hung at an online conference between the Government and localities held in Hanoi on July 2.
He said the SBV has carried out a flexible currency policy to stabilise the average interest rate. The average lending interest rate was reduced by 0.5 percent over the January-June period.
Meanwhile, credit grew approximately 6.9 percent from 2017, with its structure occupied mainly by those lent to the processing-manufacturing sector (16.3 percent) and rural agriculture (21 percent), as well as small- and medium-sized businesses (nearly 7.1 percent).
Hung stressed that the credit structure has been shifting towards supporting the development of special production areas like export, rural farming, and the processing-manufacturing industry.
He added that over the past six months, the SBV also sped up the handling of bad debt, recording a positive outcome.
He said recent increase in the foreign exchange rate was predictable as the US Federal Reserve (Fed) pushed up its interest rates and the dollar appreciated in international markets.
Hung stated that the SBV is willing to interfere in the local foreign exchange market if supply-demand problems arise. The interference is to stabilise the exchange rate and prevent macro-economic risks, he noted.
Source: Vietnamplus.vn He said the SBV has carried out a flexible currency policy to stabilise the average interest rate. The average lending interest rate was reduced by 0.5 percent over the January-June period.
Meanwhile, credit grew approximately 6.9 percent from 2017, with its structure occupied mainly by those lent to the processing-manufacturing sector (16.3 percent) and rural agriculture (21 percent), as well as small- and medium-sized businesses (nearly 7.1 percent).
Hung stressed that the credit structure has been shifting towards supporting the development of special production areas like export, rural farming, and the processing-manufacturing industry.
He added that over the past six months, the SBV also sped up the handling of bad debt, recording a positive outcome.
He said recent increase in the foreign exchange rate was predictable as the US Federal Reserve (Fed) pushed up its interest rates and the dollar appreciated in international markets.
Hung stated that the SBV is willing to interfere in the local foreign exchange market if supply-demand problems arise. The interference is to stabilise the exchange rate and prevent macro-economic risks, he noted.
Reference exchange rate up 29 VND
Vietnam’s black tiger shrimp exports to China & HK increased by 30% in the first half of 2023
Foreign firms expand investment into Vietnamese furniture market
Austria a promising market for Vietnamese fruits: Experts
Positive outlook for Vietnam’s foreign investment attraction: Official
Reference exchange rate down 13 VND on August 8
DAILY: Vietnamese pepper prices fell by 500 VND on August 8
DAILY: Vietnamese coffee prices increased by 1000 VND on August 8
Vietnam’s EV market to see strong growth in 2023: BMI
Vietnamese rice can grow larger UK market share: insiders
Vietnam’s economic growth forecast for H2 and whole year of 2023
Reference exchange rate down 10 VND at week’s beginning
DAILY: Vietnamese pepper prices remained unchanged on August 7
DAILY: Vietnamese coffee prices remained unchanged on August 7
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...