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>> A new ceiling on USD deposit interest rates >> Government stands firm on USD speculation The purchases aimed to raise foreign currency reserves which are currently very low The State Bank of Vietnam (SBV) has purchased USD1 billion from commercial banks since late April. The purchases, at the rate of between VND20,600 and VND20,700, were aimed to raise foreign currency reserves, which are currently very low. With the additional dollars, the current Vietnamese foreign currency reserve now stands at USD13.5 billion. USD sales at commercial banks had sharply dropped since Aprill 22, so the SBV raised the buying price from VND20,486 to VND20,700 on April 29. According to some financial experts, the SBV should issue compulsory treasury bills with interest rates of 18-20% per year in to control the currency exchange market. This, they say, would also help the country to successfully cap credit growth at 20% in 2011. … [Read more...] about State Bank of Vietnam buys $1 billion

Vietnam Construction Bank has been take over by the State Bank of Vietnam to prevent uncertainty in the market over its negative capital flow. A transaction office of Vietnam Construction Bank SBV deputy governor Nguyen Phuoc Thanh made the announcement on March 5. The decision followed several years of concern about the bank's liquidity. Its former entity, TrustBank, was in 2012, put under special monitoring due to its liquidity crisis. In 2013, new investors changed TrustBank into Vietnam Construction Bank. However, difficulties continued and in 2015 shareholders stopped supplying additional capital. As a consequence, the bank was unable to meet the minimum capital requirements of VND3trn. The SBV said it paid nothing for the bank, which will in due course be converted from a commercial bank into a one-member limited liability bank owned by the state. Nguyen Van Tuan, deputy general director of the Bank for Foreign Trade of Vietnam (Vietcombank) will chair Vietnam Construction Bank. … [Read more...] about State Bank of Vietnam takes over troubled Vietnam Construction Bank

The Vietnamese dong has been devalued by 1% in a move that the State Bank of Vietnam (SBV) says will stabilise the foreign currency market.   The central bank said yesterday that the interbank rate between the local currency and the US dollar will increase from VND21,246 to VND21,458 from January 7, the first exchange rate adjustment since June 2013. The US dollar is allowed to trade by as much as 1% on either side of the central bank’s reference rate. Last December, SBV Governor Nguyen Van Binh said the foreign exchange rate will be adjusted by a maximum of 2% in 2015, the pledge made and fulfilled by the central banker in the previous three years. The central bank said in a statement that despite many fluctuations on the global financial market, the domestic market and exchange rates were stable and demand for foreign currency was fully met. The SBV added that it will implement synchronous policy measures and instruments to ensure stability of the market with … [Read more...] about State Bank of Vietnam weakens Vietnamese dong by 1%