Thursday, January 31, 2019, 2:00 PM (GMT + 7)
The success of the exchange rate administrative policy is a steady state of affairs in the context of many countries.
At the end of the year of the New Year Lunar Year, the Central Bank announced (SBV) around 22,858 / USD VND – 22,880 VND / USD. In 2018, the main exchange rate was 1.87%.
Viet Nam State Bank exchange rate 23,200 VND / USD, 23,494 VND / USD sold. Commercial banks 3% margins are allowed to trade with the SBV power plant.
While the rate of exchange rate goes toward the middle rate of exchange, the retail price of the commercial banks is quite stable, sometimes low, compared to the previous year. Currently, commercial banks traded USD 23,150 to buy VND / USD, with 23,240 VND / USD sold.
According to SBV, the agency has purchased more than $ 1,500 in foreign reserve reserves from the beginning of 2019 to USD 23,300 USD / USD in the first day of the year. .
Ngo Dang Khoa, DB and Viet Nam State Department of Commerce and Currency States have indicated that the movement of the Bank of the State immediately places the exchange rate in orbit at a stable commercial price close to this price. At first, foreigners' supplies, such as the need to sell deliveries or business dollars, especially for companies with foreign factors, also increased the demand for VND. Significantly, there are many more dollars in the market.
Over the last year, in terms of exchange rate management, many international financial experts and experts have recognized the success of the years in Vietnam, the currencies of other countries in that region have dropped significantly. Indeed, the surplus of Korean Corruption fell by 5.0%, the Philippine peso fell by 4.99%, the Indonesian rupee fell by 6.62%, and India Rupees fell by 9.58% or the Chinese Yuan. A decrease of 6.43% … Meanwhile, the exchange rate of the VND market fell by 2.7% and 1.78% in the middle of the exchange rate.
SBV leaders have said that USD / VND exchange rates have been under pressure in the context of changing US interest rate policies, in many countries they have started to tighten their monetary policies and move around to protect currencies. Due to US and Chinese commerce troops …
"These problems led to a serious problem in the management of exchange rates, which the Bank of the State had to sell millions of dollars in the market and buy it again. In the first days of the year, it was bought by the Bank of the Banks, adding it to foreign reserves" – SBV Deputy of the Government Dao Minh You said.
Another important point, according to the deputy governor, is that the current flexible exchange rate management policies can not be motivated by both commercial banks and businesses to earn profits and have the same as the previous one. Foreign-based companies do not have to keep their accounts, wait for them to sell at "high prices" at high prices, because foreign currency commercial banks are not held. In fact, the State administration becomes more comfortable in order to increase exchange rates, both in businesses, banks and in the economy.
In the coming years, in the direction of exchange rates, the Bank of the State said that the macro balance will operate, considering market developments and monetary policy objectives, as a result of synchronous combination of monetary policy instruments. Currency in the currency market for the stabilization of the market. SBV did not set a specific exchange rate adjustment this year, experts say, this is a valid VND over the 2-3% of this year.