(VOVworld) – The Deputy Governor of the State Bank of Vietnam said that with the Government’s high level of foreign-exchange reserves, the State Bank will make a strong intervention to support market liquidity.

Deputy Governor of the State Bank of Vietnam Le Minh Hung (photo: VGP)

Le Minh Hung said this in the context of rising exchange rate between the VND and USD in the open market. Commercial banks posted the exchange rate at the ceiling level. Mr. Hung said major foreign exchange balances in the economy are operating normally and there will be no sudden change in the future. He added that in the first half of this year, international liquidity was favorable and the import surplus was at 1.4 billion USD, equivalent to 2.3% of export revenue. Foreign direct investment has disbursed 5.7 billion USD and other incoming foreign currency resources such as overseas remittance and indirect investment totaled 5 billion USD. Foreign currency demand in the third quarter has little chance of affecting the exchange rate. Mr. Hung said SBV will not adjust the exchange rate and will apply strong measures to stabilize the rate.