The State Bank’s December 17 decision to reduce interest rate for deposits in USD by individuals to zero percent is said to be a right move to curb dollarization.
Hanoi (VNA) – The State Bank’s December 17 deciꦕsion to reduce interest rate for deposits in USD by individuals to zero percent is said to be a right move to curb dollarization and stabilize the foreign exchange rate.
The VND/USD exchange rate in the domestic market has reached the ceiling set by the SBV during recent days, with selling rates quoted at 22,547 VND per USD.
Director of the School of Banking and Finance under the National Economics University Dang Ngoc Duc said the move is a flexible measure to phase out lending in foreign currency and reduces foreign exchange rate tension.
Nguyen Tri Hieu, a banking finance specialist said the initiative would stimulate people to sell USD, improving liquidity.
Deputy Governor of the State Bank Nguyen Thi Hong told the media that the exchange rate fluctuation during the past days was due to psychological factors in anticipation of the FED’s decision to raise interest rate and the falling yuan.
The SBV has introduced several measures to stabilize market since the beginning of this year. The bank will continue with its consistent solutions, the Deputy Governor said. -VNA
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Illustrative image (Source :VNA)
