The State Bank of Vietnam (SBV) announces the adjustment of the average inter-bank VND/USD exchange rate from 21,458 to 21,673 (by +1%), applicable from May 7th, 2015. With the band of ±1% against the average inter-bank exchange rate, the ceiling VND/USD exchange rate is 21,890 and the floor rate is 21,456.
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Based on the analysis of and forecast for domestic and international macro-economic developments, the SBV set out the margin of the VND/USD exchange rate to be about 2% for 2015. On January 7th, 2015, the SBV decided to adjust the average inter-bank VND/USD exchange rate from 21,246 to 21,458 (by +1%) with the aim of proactively regulating the market in accordance with the situation in the domestic and international financial markets, and create sustainable stability in the forex market. Following the SBV’s announcement on the adjusted exchange rate, the psychological pressure on the market was released, the exchange rate significantly reduced and stabilized at the new common rate as compared to the previous exchange rate, market liquidity was stable, and the SBV continued to buy foreign currencies to increase international reserves.
Recently, the exchange rate in the domestic market has been on an upward trend, mainly due to psychological factors and market expectations. However, the exchange rate still has ranged within the setting band. In order to proactively implement the objectives of socio-economic development for 2015, the SBV decided to adjust the average inter-bank VND/USD exchange rate from 21,458 to 21,673 (by +1%) applicable from May 7th, 2015. With the band of ±1% against the average inter-bank exchange rate, the ceiling VND/USD exchange rate is 21,890 and the floor rate is 21,456. The SBV will consistently continue to conduct measures and utilize monetary policy tools in order to stabilize the exchange rate and forex market in line with the new common exchange rate.
Translated by TLH