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Transactions in USD in a bank – Photo: QUANG Định
The Government has just announced the record amount in foreign currency.
Foreign exchange reserves have continually increased over time. At the end of 2017, new foreign exchange reserves stood at $ 51.5 billion. By January 2020, foreign exchange reserves reached nearly $ 80 billion and so far reached $ 92 billion.
Thus, in less than three years, the State Bank has bought an additional $ 40.5 billion to increase foreign exchange reserves.
If the $ 100 billion figure is reached by the end of this year, foreign exchange reserves have almost doubled after 3 years.
According to estimates by the General Customs Department, the trade balance in August registered a surplus of around 2.5 billion dollars and that in eight months it had a surplus of 10.93 billion dollars. The abundant supply of foreign exchange has helped the State Bank to continuously buy a large amount of foreign currency during the first months of the year.
As pointed out Online youthIn commercial banks, over the past two months, regardless of the gold price rush, the USD exchange rate has been fairly stable.
At Vietcombank, the USD selling price for the past two months has stopped at 23,270 dong / USD. The purchase price for USD is 23,060 dong / USD. On Eximbank, the USD sell price was even lower at 23,250 dong / USD, buying at 23,080 dong / USD.
SSI Securities Company believes that the USD has been under pressure to depreciate in the international market recently and that August is typically the peak for Vietnam’s exports, so supply and demand for domestic currency remains favorable. The forecast rate is expected to continue to move sideways in the near future.
According to the BIDV Research and Training Institute, as of August 31, the interbank exchange rate was 23,175 dong / USD, only a slight increase of 0.01% compared to the beginning of the year. Meanwhile, the central rate announced daily by the State Bank only increased 0.19% compared to the beginning of the year.
The BIDV Research and Training Institute forecasts that with the increase in foreign exchange reserves, favorable supply and demand for foreign exchange, the VND / USD exchange rate is expected to increase by only 0.5-1% by the end of 2020. compared to the beginning of the year. fluctuating around 23,288 – 23,515 dong / USD.
Foreign exchange reserves have reached nearly $ 80 billion
