State bank of vietnam

The dollar was recently under pressure to depreciate against other currencies while August was the peak month of Vietnam’s exports, leading to stable supply and demand of the foreign currency in Vietnam, according to the SSI Securities Corporation. … [Read more...] about Vietnam’s forex reserves at all-time high of $92bn: gov’t

Hanoi (VNS/VNA) - Vietnam’s foreign exchange reserve has hit a new record high of 92 billion USD, a significant expansion from 84 billion USD which Governor of the State Bank of Vietnam Le Minh Hung revealed in April. At a recent Government meeting, Prime Minister Nguyen Xuan Phuc said the country’s forex reserve was expected to hit 100 billion USD by the end of this year, five times higher than the level recorded at the beginning of his term. Statistics of the General Department of Customs showed that August saw a trade surplus of 2.5 billion USD and a surplus of 10.93 billion USD in the January-August period, providing a plentiful supply of foreign currencies which enabled the central bank to purchase foreign currencies from the beginning of this year. Financial expert Nguyen Tri Hieu said that high reserves would be an important buffer to help the economy withstand external shocks, which would contribute to stabilising the macroeconomy, strengthening foreign … [Read more...] about Vietnam’s forex reserve sets new record

According to the latest deposit interest rate schedule in September, banks with highest deposit interest rates included the Saigon - Hanoi Commercial Joint Stock Bank (SHB) with a rate of up to 8.95 per cent per year for a 13-month term, the Viet Capital Commercial Joint Stock Bank (Viet Capital Bank) with a rate of 8.5 per cent per year for the same term, the Vietnam Export Import Commercial Joint Stock Bank (Eximbank) with the rate of 8.4 per cent per year for 13 months and 24 months. … [Read more...] about Despite lower interest rates, people still put money in banks

“In the coming time, the SBV will continue to encourage the promotion of consumer loans, but the amount of growth will depend on the absorption capacity of the economy. Currently, the demand for consumer loans is feeble in the context of unstable jobs and declining income resulting from the pandemic,” said Hung. “However, banks and consumer finance companies cannot churn out loans inconsiderately for fear of incurring bad debts.” … [Read more...] about Banks bet on consumer credit growth

There are many reasons behind the stabilization of the exchange rate, said a representative of a HCMC major commercial bank, adding that among them is the fact that the hoarding of U.S. dollars has been subdued as other investment options such as gold and securities have become more attractive and the 2020 inflation rate was predicted to stay at just 3.5-3.8%. … [Read more...] about VIETNAM’S BUSINESS NEWS HEADLINES SEPTEMBER 8