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VND/US$ exchange rates trading band doubled to +/-2%
The State Bank has made a decision on keeping the official interest rate unchangeable at 14% from July 1, 2008, and widening the VND/US$ exchange rates trading band to +/-2% from +/- 1% from June 27, 2008.
Credit organisations are allowed to set exchange rates for other foreign currencies than US$.
The Governor of the State Bank, Nguyen Van Giau, said that in the remaining months of this year, it is forecast that the macro-economy will see significant progress, inflation will be under control and the current market rates has met the harmonious interests of depositors, credit organisations and borrowers.
Governor Giau also said that in the coming time, the State Bank continue to provide liquidity for commercial banks with appropriate volume and schedule to facilitate the banks to actively adjust credit structure, thus timely meeting capital requirements.
According to Governor Giau, the State Bank will further sell foreign currencies for commercial banks to meet the economy's sufficient foreign currencies requirements, fight against speculation that marks up prices of foreign currencies.
Meanwhile, the State Bank also requests commercial banks should tightly control and reorganise activities of foreign currencies trading agents to ensure serious implementation of current regulations on administrating foreign exchange.
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