Dollar exchange rates likely to be adjusted at early 2012

In case the State Bank of Vietnam managed to keep the dollar exchange rates stable within 1% band, it is anticipated that the USD/VND rates are to be adjusted at the beginning of 2012.

In case the State Bank of Vietnam managed to keep the dollar exchange rates stable within 1% band, it is anticipated that the USD/VND rates are to be adjusted at the beginning of 2012, said Le Xuan Nghia, deputy chairman of the National Finance Supervision Committee.

The adjustment, if any, would not be as large as 9.3% as in early 2011, Nghia said, explaining that the country currently enjoyed a $5 billion surplus in balance of payment, 3 – 4% increase in foreign direct investments and 10% rise in inward remittances.

The most important task to stabilize the macro-economy until year end was to control the exchange rates, Nghia emphasized.

The central bank raised the interbank dollar exchange rates up by 0.85% in October, 0.15% below the governor’s commitment of 1%, the local online newspaper Saigon Tiep Thi reported on Nov 2.

The real dollar prices in the banking system were VND200-400 higher than those in the free market and once approached VND22,000, the newspaper said.

Source Sophie/ News Writer/ StoxPlus

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial, Vietnam forex market

Posted by VBN on Nov 2 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry