VN’s forex reserves soar to record-setting $48bViet Nam’s foreign currency reserves hit approximate US$48 billion thanks to the country’s stable macroeconomic conditions and strong influx of exports, foreign direct investment (FDI) and remittance, according to State Bank of Viet Nam (SBV)’s Governor Le Minh Hung. The rise was reported in the context of the foreign exchange rate in the domestic market being relatively stable. A few years ago, the exchange rate usually fluctuated widely towards the year-end due to seasonal factors. As the US rate increase was well-anticipated, the local forex market did not react negatively to the Fed’s rate announcement. According to the central bank, liquidity of the domestic foreign exchange market was good and met the demands of local organisations and individuals.

Source: VietNamNet News December 23, 2017 05:03 UTC