- The State Bank of Vietnam has bought up nearly 1.3 billion USD in foreign currencies from commercial banks, VnExpress quoted brokerage firm SSI’s report.
Strong export growth in the past 10 months has enabled such a large purchase of foreign currency by the central bank, the SSI report says.
Vietnam Customs thus week released the adjusted figure for October’s trade surplus at 3 billion USD, much higher than its October-end estimate, helping Vietnam’s 10-month trade surplus reach a record 20 billion USD.
Having a plentiful supply of foreign currency has helped the State Bank continue to acquire more of it, and the nation’s foreign exchange reserves has moved closer to the central bank’s target of 100 billion USD.
Increasing foreign exchange reserves also contributes to maintaining exchange rate stability, the SSI report says.