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 Vietnam to keep exchange rate stable until year end - central bank

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PostSubject: Vietnam to keep exchange rate stable until year end - central bank   Sun Oct 09, 2011 10:07 am

October 9, 2011

Vietnam to keep exchange rate stable until year end - central bank

Vietnam will aim to keep the exchange rate stable until the end of the year, allowing it to move within a 1 percent band, the central bank said.

Recent fluctuation of global gold prices, a traditionally strong gold purchase by residents in the last months of the year and domestic gold speculation have added pressure on the foreign exchange market and exchange rate, the central bank said in a statement released late on Wednesday..

"The State Bank and commercial banks will continue selling foreign currencies for market intervention, meeting fully the economy's necessary demand for foreign exchange," it said.

A surplus in the balance of international payments, improved state foreign reserves and good liquidity in the banking system will help the central bank keep the dollar/dong rate and foreign exchange interest rates stable, the bank said.

On Thursday the central bank sets the mid-point for dollar/dong transactions at 20,648 dong per dollar, down 0.05 percent from 20,638 on Wednesday and 20,628 on Tuesday. The Tuesday rate had been kept unchanged since Aug. 24.

Vietnam recorded a surplus of more than $5 billion in its balance of payments at the end of July, after a deficit in the first quarter and high surplus in the second quarter, the central bank said.

The surplus came after improvements in Vietnam's current account and the capital and financial accounts, said the statement posted on the central bank's web site (www.sbv.gov.vn).

Vietnam reported a current account surplus of $1.3 billion in the first seven months, compared with a deficit of $3.2 billion in the same period last year.

Vietnam's trade deficit narrowed to $403 million from a deficit of $2.94 billion in the second quarter and a deficit of $3.5 billion in the first three months, while foreign direct investment at the end of September stood at an estimated $6.1 billion, similar to the same time last year, the central bank said.

Foreign indirect investment at the end of last month rose to $1 billion from $940 million a year ago, the statement added.

Vietnam's trade deficit this year will narrow to around $10 billion with exports expected to continue along a strong growth path to reach $95 billion by year's end, a state-run newspaper reported on Wednesday. (Reuters)


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