The State Bank of Vietnam will not adjust the exchange rate or expand the trading band of the USD/VND, at least until the Lunar New Year, which falls in February next year. Chairman of the National Committee for Financial Supervision Le Duc Thuy made this statement at a press briefing on Nov. 4 amidst the unusual movement of the USD/VND exchange rate in the market in recent days.

 

According to the chairman, one of the reasons leading to the turbulence was the withdrawal of nearly 45 trillion VND (more than 2 billion USD) from banks by individuals and organisations for purchasing US dollars and gold within the first half of October.

Additionally, enterprise demand for payment in US dollars will continue to rise from now until year-end.

 

In the context, Thuy advised people to trust in the value of domestic currency, the Vietnam dong and also reassured that the government would use necessary tools to control and stabilise the exchange rate.

(VNA)