Vietnam ready to sell forex to stabilise exchange rate: newspaper
[HANOI] Vietnam's central bank stands ready to help stabilise the dollar/dong exchange rate, a deputy governor was quoted on Wednesday by a state-run newspaper as saying.
The State Bank of Vietnam "is ready to sell foreign currency for intervention to keep the exchange rate stable within the band committed at the start of the year", Nguyen Thi Hong was reported saying by the official Thanh Nien (Young People) newspaper.
On May 7 the central bank, which has committed to keeping the Vietnamese dong move within a 2 percent band against the dollar for the whole of 2015, devalued the dong for the second time this year to spur exports and curb demand for imports that has left it with a hefty trade deficit.
The dong fell further to 21,860 per dollar on Vietnam's interbank market on Tuesday, down 0.98 per cent from 21,645 dong/dollar on May 7, after the government said the country posted a trade deficit of $3 billion in the first five months of 2015.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Money laundering accused Su Baolin handed 3 more charges
Lloyds bank says quarterly profits sink on higher costs
US seeks 36 months’ jail for Binance founder Zhao
Hong Kong bourse operator’s Q1 profit down 13% on weaker listings, trading
PBOC steps up rhetoric against long-end government bond rally
Private credit is disrupting Hong Kong bankers’ cosy lives