The State Bank of Vietnam (SBV) has achieved an important target of
maintaining a stable foreign exchange over the past two year while
expanding the foreign currency reserves by more than two times compared
to the end of 2011.
At an October 30 seminar held by the
SBV on policy management between 2011-2013, experts said the results are
an outstanding success of the SBV’s management of monetary policy.
According to the General Statistic Office of Vietnam , the
exchange rate in the 2011-2012 period saw little change. The stable rate
was maintained until the end of the first quarter of this year. The
forex market began to see some fluctuations in the second quarter, but
the increase was kept within the range of 2-3 percent as set at the
beginning of the year.
Director of the SBV’s Foreign
Exchange Management Department Nguyen Quang Huy attributed the success
to a tight yet flexible monetary policy in pursuit of the goal of
controlling inflation, stabilising the macro economy and maintaining a
reasonable economic growth.
The stable exchange rate and an
orderly foreign exchange market have also contributed to reducing
dolarisation in the country as well as encouraging a trend to hold VND.
In the last months of this year, the central bank said it
would continue to closely monitor the monetary market’s activities and
take necessary measures to maintain the stability of the forex market,
helping stabilise the macro economy, and increase confidence in the
domestic currency.-VNA