Senior banker rejects sharp fall in VND value

The State Bank of Vietnam on June 2 assured national consumers of no devaluation of the Vietnamese dong against hard currencies.

Deputy Governor of the State Bank of Vietnam Nguyen Dong Tien warned “people should stay alert against speculations as well as forecasts about the levels of devaluation of the Vietnamese dong, that might push them to rush for USD at high rates and suffer losses,” at a press briefing after a regular cabinet meeting.

The Government is persisting in its policy to maintain the exchange rate band at 2 percent, Tien added.

He explained that the national foreign currency reserves doubled in 2007 and have been rising so far this year while payment balances remain in surplus.

These two major factors have rejected any sharp fall in value of the national currency. On the contrary, they guaranteed a strong stability of the national currency or at least without a big change, emphasised the senior banker.

VNA

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