Vietnam’s foreign reserves have shot up to a new high of $63 billion, according to a report in Nguoi Lao Dong newspaper.
Over the past two years, the State Bank of Vietnam (SBV) has bought $32 billion. It put foreign reserves at nearly $60 billion as of early February.
The central bank has bought such a big amount of foreign currencies thanks to abundant supplies.
According to the general Statistical Office, the nation had a trade surplus of $3.39 billion in the first four months of the year.
In addition, foreign investors have injected foreign capital into the economy via indirect investment channels. Technological and Commercial Joint Stock Bank (Techcombank), for example, has successfully sold more than 164 million common shares to institutional shareholders for nearly $922 million.
Last Thursday, SBV set the dong-US dollar exchange rate at VND22,552 per dollar, slightly decreasing over the last trading session but up VND146 or 0.65 percent compared to early this year.
Meanwhile, commercial banks have adjusted up the buying and selling prices of the US dollar to VND22,735 and VND22,805 each respectively, up VND5 over the last trading session.
Saigon Jewellery Company (SJC) last Thursday quoted the buying and selling prices of gold at VND36.57 million and VND36.75 million per tael, almost unchanged from the previous trading session. Besides, the global gold price stayed at $1,310 an ounce after a plunge on the previous weekend.
However, a smaller reduction in the local gold price than the global price has resulted in a price gap of VND700,000 per ounce.
http://english.thesaigontimes.vn/59610/Foreign-reserves-at-record-highs.html
