USD - VND Exchange Rate to Fluctuate 1 Percent in 2007
Le Duc Thuy, governor of the National Bank, estimated that the exchange rate between USD and VND will fluctuate around 1 percent from now to the end of the year. He added that supply and demand for the foreign currency will be stable, because demand now exceeds supply.
Besides, the effective rate of commercial banks in the beginning of year has been steady, even declining in comparison with the average rate of the inter-banks stated by the National Bank. For the first time in many years, the foreign currency supply now exceeds demand.
In the first five months of the year, the National Bank purchased seven billion USD for reserves. This record amount of money is nearly equivalent to total official foreign currency in the last two years and more than annual foreign direct investment before 2006.
L.A
Vietnamese
