The exchange rate in 2016 will not have big changes in order to ensure macro-economic stability and support economic growth in accordance with the Government’s orientations.
Hanoi (VNA) – The exchange rate in 2016 will not have big changes in order to ensure macro-economic stability and support economic growth in accordance with the Government’s orientati♏ons, according to Bui Quoc D𒁃ung, head of the State Bank of Vietnam (SBV)’s Monetary Policy Department.
Dung said that before the SBV implemented its new exchange rate management by announcing the central rate daily, many economists and organisations had forecast an increase of 5-7 percent in the exchange rate.
However, the forecasts changed as the central bank’s move helped stabilise the forex market and made the exchange rate decrease sharply.
The Standard Chartered Bank predicted a rise of 1-2 percent in 2016 while the Hong Kong-Shanghai Banking Corporation (HSBC) forecast a 3-4 percent increase. Several economists said that the exchange rate would be up around 3 percent this year.
To implement the Government’s policy of gradually easing the dollarisation, the SBV’s management measures have followed the goal of decreasing foreign currency speculation and only using US dollar in international payment.
The dollarisation rate fell from 16 percent in late 2011 to around 10 percent currently – the lowest rate recorded so far.-VNA
The central bank's new exchange rate management policy has helped reduce the US dollar speculation in the domestic economy, an official said at an online discussion.
Commercial banks cut the exchange rate of the United States (US) dollar against the dong by 30 VND to 40 VND, bringing it to its lowest level in the past three months.
Though experts forecast a rise in lending interest rates in 2016, a central bank official believes it is feasible to keep the rates stable and reducing it slightly this year.
The State Bank of Vietnam (SBV) on February 22 announced the central rate for the Vietnam dong against the US dollar at 21,894 VND per USD, a decrease of 6 VND compared to the late last week.
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Illustrative image (Source: VNA)
