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foreign exchange market
Latest news related to foreign exchange market
State Bank will sell USD at lower price to intervene in the market
In response to the sharp increase in exchange rates from the morning to the afternoon of July 2, Mr. Pham Thanh Ha, Director of the Monetary Policy Department, State Bank of Vietnam (SBV), said that this agency is closely monitoring market developments and is ready to sell foreign currency at a lower price than banks to intervene.
Economy
Banks strengthen control of foreign exchange market
Immediately after issuing Circular 09/2011 regulating the maximum interest rate for capital mobilization in US dollars, the State Bank of Vietnam continued to strengthen foreign currency management with Circular 07 regulating foreign currency lending by credit institutions to borrowers who are residents. Circular 07 officially took effect from May 9 and is considered to have many new points compared to previous regulations, creating more favorable conditions for both banks and enterprises, "cooling down" the foreign currency market which has been quite tense in recent times.
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