Vietnam has over $35bn in foreign reserves: cbank governor
Vietnam has over $35bn in foreign reserves: cbank governor
Vietnam's foreign reserves have risen to the highest-ever level of over US$35 billion, Governor of the State Bank of Vietnam Nguyen Van Binh revealed Monday.
“Vietnam now has more than $35 billion in foreign reserves,” Binh said at a meeting between Prime Minister Nguyen Tan Dung and local businesses in Hanoi.
“This not only reflects the stability of the Vietnamese dong but also fortifies our standing in the world arena,” he added.
Vietnam’s foreign reserves have hit an all-time high as it had been previously estimated to reach $30 billion by the end of last year.
It was uncommon for the central bank to publicly release official figures related to the country’s foreign reserves, but the SBV has done so three times in the year to date, according to newswire VnExpress.
In early March, the SBV said foreign reserves were up by $4 billion in the first two months of this year, while the governor has recently announced that $7.7 billion was added to the foreign reserves in the first quarter.
Governor Binh also addressed questions about the dollar/dong exchange rate at the meeting.
Forex rates will remain stable and they will be adjusted by no more than one percent, Binh said.
The governor said earlier this year that the central bank will aim to keep changes in the forex exchange rate within two percent.
The new one percent margin was made following “five years of stable forex situations,” he explained.
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