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Central Bank of Vietnam ready to bring more foreign currency to market

The State Bank of Vietnam (SBV) has increased interference with the foreign currency market, is ready to invest in the market more frequently, and provides favorable conditions for credit institutions to meet the legitimate demand for foreign currency of organizations and individuals. It says to create. Deputy Director of SBV’s Monetary Policy Division Pham Chi Quang.

Since the beginning of this year, international markets have developed in a complex and unexpected way, negatively impacting the global economic and financial system, Kuan said.

According to top executives, Vietnam’s state-owned banks are more likely to interfere with the foreign currency market, be prepared to invest in the market more frequently, and provide favorable conditions for credit institutions to meet the legitimate demand for foreign currency for organizations and individuals. Will produce. Of the bank’s currency policy department.

In this regard, he said, the central bank has tightened control over monetary policy, raised investment rates to curb inflation, and brought about strong developments in financial and financial markets.

SBV manages interest rates to allow for flexible exchange rate development and absorb external shocks, interfere with the market and minimize excessive fluctuations in interest rates, stabilize foreign currency markets and macroeconomics. He was quoted as a statement from the press about the economy and controlling inflation.

Since the beginning of this year, SBV has sold foreign currency in an appropriate manner, met economic demand, maintained VND liquidity, supported VND interest rate stability, and supported socio-economic recovery and development processes. Quan said.

The USD / VND exchange rate has so far risen by about 2% from the end of 2021. According to banks, this rise is a financial management policy to stabilize domestic and international market conditions and development, as well as financial markets and macroeconomics, and to curb inflation.

Mr. Kuan said SBV will coordinate with related organizations to manage VND liquidity in a coordinated manner to ensure stability of exchange rates, foreign currency markets and interest rates. In recent years, SBV has revealed that it is buying a large amount of foreign currency in the midst of booming market conditions.

Officials say that selling foreign currency to the market more often helps to meet the requirements for foreign currency to purchase the necessary products that help domestic production and export, stabilize the market and support economic recovery. Was emphasized.

Fiber2Fashion News Desk (DS)



Central Bank of Vietnam ready to bring more foreign currency to market

Source link Central Bank of Vietnam ready to bring more foreign currency to market

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