SBV depreciates US$/VND inter-bank exchange rate

The Governor of the State Bank of Vietnam (SBV), today, decided to depreciate the US$/VND average exchange rate in the inter-bank market to 16,989 VND, starting on December 25, 2008.

The new rate has been set on the basis of SBV’s forecasts on actual situation of the global and domestic economies. This decision aims at implementing Resolution No. 30/2008/NQ-CP of the Government dated December 11, 2008 on urgent measures to actively prevent the economic downturn, to promote business, production, and export, to stimulate investment demand and consumption, and to secure social protection in an endeavor obtain the annual economic growth rate of 6.5% in 2009.

This move will contribute to facilitating export, controlling trade deficit, and ensuring a sustainable international balance of payments. Additionally, it will help limit the expectation of exchange rate hike, hence assisting enterprises to actively develop their stable business plans.

SBV will take all necessary measures to maintain this new rate.

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