The State Bank of Vietnam (SBV), the country’s central bank, has been continuously buying in hard currencies to bring its reserve fund to a new record high of $54.5 billion presently, according to its Governor Le Minh Hung.
Hung unveiled the information at a conference held by Hanoi-headquartered Bank for Foreign Trade of Vietnam, known as Vietcombank, on Friday morning.
“The new record helps to strengthen confidence of businesses and the whole economy, as well as cement confidence of foreign investors,” Hung was quoted by CafeF.vn as saying.
According to recent announcement made by the SBV, the Vietnamese central bank has increased the forex reserves by $2.5 billion in the first two weeks of 2018, including $1.5 billion over the past three days.
Since the start of 2016 when a new reference USD/VND rate mechanism was applied, the SBV has added $22 billion to its forex reserves.
Speaking to BizLIVE on the sidelines of the Vietnam Economic Forum in Hanoi on January 11, Sebastian Eckardt, chief economist of the World Bank in Vietnam, expressed his optimism about the buildup of the SBV’s forex reserves and recommended the bank should continue the trend.
Tin liên quan
- Vietnam’s Forex Reserves Rise to New High of $53 Billion
- Vietnam’s Forex Reserves Approach $52 Billion: Central Banker
- Vietnam Builds up Forex Reserves to $51.5 Billion
Cùng dòng sự kiện
Từ khóa: State Bank of Vietnam, SBV, forex, World Bank, Vietnam, BizLIVE