After 6 months implementing State Bank of Vietnam’s (SBV) Directive No. 01 and government’s Resolution No. 11 to restrain inflation and stabilize macroeconomics, ensuring social security, Binh Duong banking sector has made great achievements.
Great challenges are still ahead for the foreign currency market
On basis of 6 groups of measures, foreign exchange market has cooled down, contributing to decreasing exchange rates. Under assessment of SBV, free market of foreign exchange is under control by commercial banks with more buying than selling. The rate is down by VND 280 per USD 1 last February. Meantime, Vietcombank Binh Duong claims that USD source balance is averagely at VND 50 – 70 million a month which is not enough for market demands; however, when measures are made to change relationship of USD mobilization to purchasing relationship to customers. Thus, deposit interest rate of USD is reduced to 3%/year and foreign currency sold to banks is increasing month on month. By May, the amount is at USD 220 million or 4-5 times higher. Therefore, foreign exchange status in VCB has recently stable with more USD sources.
The mentioned results are prequisite for cooling down the market by 6 months of the year in which experts consider as the most heating time when enterprises need more USD to repay debts. As the matters of fact, foreign exchanging spots are being monitored and license would be retrieved if breaches found. The effects of money policy has caused people to move to VND deposits.
For the time to come, SBV Binh Duong branch will continue its monitor to ensure stable foreign exchange market for challenges are still ahead.
Reported by Thanh Hong – Translated by Vi Bao
