Head of the central bank’s Monetary Policy Department, Nguyen Thi Hong said SBV was closely monitoring developments on the foreign exchange and gold markets and will take every measure necessary to keep them in check.
She said that Vietnam’s foreign reserves have reached a record high of US$35 billion, which came as result of the effectiveness of the Government’s macroeconomic measures and the SBV’s monetary policy.
Commenting on recent developments in the East Sea, Hong said the currency market and banking activities were still normal, as evidenced by an increase in deposits into banks, a slight fall in lending rates, stability on the foreign exchange market and banks’ compliance with the SBV’s reserve requirement.
She added that SBV was working with other relevant agencies to step up foreign exchange regulation efforts and will severely punish those involved in racketeering and causing turmoil on the market.
