The State Bank of Vietnam (VNA) will manage the exchange rate flexibly, adjusting in line with general trends while still ensuring macro-economic stability and foreign currency balance, said its Permanent Deputy Governor Dao Minh Tu.
The price of SJC gold bars rose to nearly 81 million VND (3,266 USD) per tael (one tael is equivalent to 1.33 ounces) in the last trading session of the first quarter (March 30), up 8% from the outset of the quarter.
Nearly 160,000 new enterprises have been established in Vietnam in 2023, up 7.2% year-on-year, according to the Ministry of Planning and Investment’s Business Registration Management Agency.
Vietnam has continued to be excluded from the US Department of the Treasury’s monitoring list of currency manipulators in its latest report on macro-economic and foreign exchange policies of major trading partners of the US.
The Malaysian finance minister has said a flexible ringgit exchange rate is important to absorbing external shocks to support domestic economic activity.
The US dollar on March 25 depreciated against the Vietnamese dong after the State Bank of Vietnam (SBV) sold the greenback on the cheap to stabilise the local foreign exchange market.
The foreign exchange market in Vietnam has heated up recently when the daily reference exchange rate set by the State Bank of Vietnam (SBV) continuously climbed to new record levels and the VND/USD rates listed at commercial banks also surged.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has affirmed that the SBV will direct monetary policy in a proactive, flexible, and cautious manner, and in harmony with fiscal and other macro-economic policies to curb inflation, maintain macro-economic stability, and fuel economic growth.
The consumer price index (CPI) of January rose only 0.1 percent compared to the previous month and 2.56 percent year-on-year thanks to abundant supply of goods for Lunar New Year celebration.
The State Bank of Vietnam (SBV) has set the 2019 credit growth target equivalent to the previous year at about 14 percent, according to SBV Deputy Governor Nguyen Thi Hong.
Bank Indonesia (BI) said on November 27 that it will continue to adopt its pre-emptive and ahead-of-the-curve monetary policy in a bid to maintain economic stability amid the high external pressure in 2019.
The Indonesian Ministry of Industry has set the goal to reduce automobile import value by about 700 million USD this year from 3.3 billion USD in 2017 through import restrictions, especially targeting luxury cars.
Indonesia has spent 11.9 trillion rupiah (about 796.7 million USD) in total through several market operations to reduce the pressure from depreciated value of the national currency against the USD, the governor of the country’s central bank said on September 5.
The State Bank of Vietnam (SBV)’s recent response to the continuous rise of USD prices has demonstrated its readiness to make an intervention in order to stabilise the foreign exchange market.
The daily reference exchange rate for VND/USD was revised down for a fourth day in a row since the beginning of this week, standing at 22,453 VND /USD on October 12, a decrease of 6 VND from the rate set on October 11.
The foreign exchange market is still vulnerable to latent exogenous risks, especially crisis risks arising from emerging markets, said the Vietnam Institute for Economic and Policy Research (VEPR).
