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VIETNAM - Forex reserve up 25-27% over the end of 2011: Central Bank   DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

VIETNAM - Forex reserve up 25-27% over the end of 2011: Central Bank

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Post by lexie Tue Mar 13, 2012 5:42 pm

March 13, 2012

Forex reserve up 25-27% over the end of 2011: central bank

Vietnam foreign exchange reserve as of mid-March jumped 25-27 percent over the end of last year, said the central bank governor in a recent press conference.

The forex reserve in January-February rose 20 percent over the end of 2011, said Nguyen Van Binh, governor of the State Bank of Vietnam, in a government press conference last week.

Though stating that he did not have the authority to announce the current data of the national forex reserve, Binh said it surged 50 percent in 2011.

"If the domestic macroeconomic picture is stabilized as expected by state agencies and the International Monetary Fund, Vietnam will achieve the IMF’s standard in forex reserve assessment, on par with other countries in the world," Binh said.

The IMF’s norm for the assessment of a safe forex reserve is that the reserve can cover the payments for 12 weeks of imports.

The Vietnamese dong has stood firmly as an attractive investment channel among other popular channels in the last 14 months, he said.

“If inflation stops at 10 percent this year and other macroeconomic indicators, including the trade and account balances, are stabilized, there will be no volatility in the value of the dong,” he said.

“If the central bank has to devaluate the currency, the maximum rate will be 2-3 percent in 2012,” he added.

Vietnam’s forex reserve was at $13.5 billion, equivalent to the payments for six weeks of imports following the IMF’s norm, in the middle of last year, according to the IMF’s data. The reserve had shrunk to about $10 billion by the end of 2010, said then Minister of Planning and Investment Vo Hong Phuc.

The forex rate at big Vietnamese banks, including Vietcombank, Vietinbank, BIDV, ACB, and Eximbank remained unchanged, mostly traded at VND20,790-20,810 a dollar and VND20,850-20,870 a dollar for bid and ask respectively.

The SBV today held the benchmark rate at VND20,828 a dollar, the longest streak of keeping the rate unchanged this year.


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