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The State Bank of Vietnam has said it is ready to intervene in the market when the intervention rate is lower than the current listed exchange rate on a large scale by spot or forward transactions to stabilise the foreign exchange market.

The statement was made by Pham Thanh Ha, Director General of the SBV’s Monetary Policy Department.

According to Ha, in January, in the context of favorable international markets and a stable market rate, the SBV continued to increase its foreign exchange reserves.

Ha said that the reasons for the recent increase in foreign exchange rates are the complicated developments of COVID-19 and the depreciation of currencies in many of Vietnam’s major trade markets.

However, the balance of foreign currency supply and demand has remained stable. Vietnam enjoyed trade surpluses of 1.82 billion USD in the first two months of 2020 and 880 million USD in March. The foreign exchange position remains positive and legitimate foreign currency needs of customers are being fully met by credit institutions.

The central bank will continue to keep a close watch on the developments of domestic and foreign markets, making possible scenarios, managing the reference exchange rate flexibly, and using monetary measures and tools synchronously to stabilise the foreign exchange market, Ha stated.

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