Foreign currency reserves at record high - News Summed Up

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Foreign currency reserves at record high

Foreign currency reserves at record highVietnam’s foreign reserves have grown by more than 21 per cent since last October and by $1.5 billion during the first ten days of 2018 to reach their highest-ever level, State Bank of Vietnam (SBV) Governor Le Minh Hung told a Vietcombank meeting on January 12 on implementing tasks for 2018. Foreign reserves, he reported, now stand at $54.5 billion, or around $9.5 billion higher than last October when Party Chief Nguyen Phu Trong quoted a figure at a major Party meeting. The latest milestone surpasses the previous record of $51.5 billion announced at the end of December, when the central bank reported a stable US dollar exchange rate and healthy liquidity in the foreign currency market. Foreign direct and indirect investment, inbound remittances, and local people shifting their holdings in US dollars to Vietnam dong (VND) have been major sources of foreign currency. Vietnam’s foreign exchange reserves fell sharply at the end of 2015, to $27.9 billion, during a campaign to curb dollar hoarding and stabilize the foreign exchange market.

Source: VietNamNet News January 12, 2018 08:03 UTC