Fri. May 27th, 2022

The State Bank of Vietnam (SBV) will not make any change to foreign exchange rate, a senior executive of the bank has said.

The forex rate has been heating up for the past few weeks, ever since
the central bank decided to raise the inter-bank average exchange rate
between the dong and US dollar by 1 percent to 21,026 VND on June 27.

SBV Deputy Governor Le Minh Hung said on July 10 that the rise of the
forex rate was not because of an imbalance in supply and demand, but
merely psychological factors.

Market speculation was also another
reason for the recent fluctuations in the forex rate, Hung said,
emphasising that SBV will take bold measures, including pumping more US
dollars into the market to stabilise the rate.

The bank set the
exchange rate for the US dollar at 21,026 VND on July 10, which can move
in a band of plus or minus 1 percent.-VNA

By vivian