SBV: Foreign exchange market sees positive signs

22:28 | 16/11/2010
The foreign exchange market has shown positive signs over the past few days, and the balance between the purchase and sale of foreign currencies by commercial banks has improved, according to a new announcement by the State Bank of Vietnam (SBV).


To implement the government’s directive on Stabilising the Foreign Exchange Market, the SBV is continuing to sell foreign currencies to meet the demand for importing essential commodities.

According to reports from commercial banks, their liquidity and operations are ensured until the end of the year through measures such as capital balancing, controlling credit at reasonable levels and effectively implementing the SBV Governor’s Directive No. 04/CT-NHNN, dated November 4, 2010, on monetary, credit and banking solutions to stabilise prices and the macro-economy.

For the rest of the year, the SBV will manage the monetary policy in a flexible and prudent manner to control the total liquidity and credit at a reasonable level, stabilise the money market and continue to support the liquidity of credit institutions to ensure solvency.

On November 4, the SBV announced it will continue to keep the exchange rate stable and sell US dollars to provide liquidity for the market

In the morning of November 9, the price of gold and US dollars soared to record highs of VND 38.8 million per tael and VND21,540 per dollar respectively, and in the afternoon of that day, the SBV announced it will allow a certain volume of gold imports. Right after this announcement, the selling price of US dollars on the free market dropped to VND21,200 per dollar, and has hovered around VND21,000 since then.

The dollar selling price increased slightly by VND 30 to VND20,950 per US$1 this morning, VND150 lower than last weekend.

At 1.30 pm today, SJC gold prices listed by the Saigon Jewelry Holding Company in Ho Chi Minh City stood at VND34.92 million per tael for buying and VND35 million for selling, down VND90,000 and VND100,000 respectively against the price at closing time yesterday.


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