Vietnam central bank adds over $6bn to foreign reserves

The State Bank of Vietnam, or Vietnam’s central bank, has bought over US$6 billion in the year to date to beef up its foreign exchange reserves.

The purchase was meant to make the liquidity of the Vietnamese dong ample in the local market, stabilize the interbank market, and help lending rates cool down, the central bank said on Wednesday.

Besides, local credit institutions have canceled the purchase of foreign currency worth $1.74 billion, contributing to the circulation of a huge amount of the dong.

Vietnam’s central bank quoted the U.S. dollar-Vietnamese dong exchange rate at VND23,656 per dollar on Wednesday, up VND4 after the first two sessions this week.

At state-run Vietcombank, the buying price of the greenback stood at VND23,285 per dollar, while the selling price was VND23,625 to the dollar.

BIDV, another state-owned lender, quoted the selling price of a U.S. dollar at VND23,600, while buying a dollar at VND23,300.

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