Vietnam Central Bank to Buy VND20 Tln in Dollars from Exporters
The State Bank of Vietnam (SBV), or the country's central bank, is considering spending VND20 trillion to purchase export-sourced U.S. dollars, sources from the Marketing Saigon said March 19.
It is aimed to help domestic exporters over come the current difficulties, which have emerged from soaring inflation.
According to Deputy Minister of Industry and Trade Nguyen Thanh Bien, exporters now have two big problems. They cannot sell the dollars they get from export deals to banks, and they cannot access bank loans.
Local commercial banks have recently tried to limit the U.S. dollar purchase due to serious shortage of Vietnam dong. As a result, export companies do not have enough dong to cover expenses and re-invest.
The SBV announced in the Official Dispatch No 2605/NHNN-QLNH dated March 20 this year that it will buy U.S. dollars from credit institutions from positive foreign currency balance and export enterprises.
The move will help VND/USD foreign exchange rate slightly increase in the coming time and, parallel with an 11 per cent cap on saving interest rate, the number of U.S. dollar depositors shifting in to Vietnam dong will also decrease.
Vietnam’s foreign currency reserve is currently one-thirds of total import turnover, while the ratio is two-thirds or equal in other countries. (New Hanoi, Marketing Saigon)
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