Vietnam’s foreign reserves reach $63 billionThe State Bank of Vietnam (SBV) has continuously bought in hard currencies in the past few months, raising the country’s foreign reserves to a record high of 63 billion USD. SBV has bought in 32 billion USD worth of hard currencies in the past more than two years. Experts attributed the stability to reasons such as SBV’s flexible central rate management mechanism, which ensured that the domestic foreign exchange market was less affected by global factors. The rise in the country’s foreign reserves was reported in the context of the foreign exchange rate in the domestic market being relatively stable. According to the central bank, liquidity of the domestic foreign exchange market was good and met the demands of local organisations and individuals.-VNA

Source: VietNamNet News May 08, 2018 03:11 UTC