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The State Bank of Vietnam (SBV) stands ready to make needed interventions to curb the worrisome strengthening of the U.S. dollar against the local currency, a senior official has said.
The State Bank of Vietnam (SBV), the country’s central bank, has been issuing treasury bills to reduce excess liquidity in the system and is likely to continue to do so next week, said an analyst at leading broker SSI Securities.
The State Bank of Vietnam (SBV), the country’s central bank, is expected to continue withdrawing cash from the banking system through open market operations (OMO) in order to narrow the dong-dollar interest rate gap and keep the USD/VND rate stable, researchers and securities analysts have said.
The Vietnamese dong has continued to devalue against the U.S. dollar to a new low, with the greenback remaining strong ahead of a Federal Reserve (Fed) policy meeting.
The State Bank of Vietnam (SBV) has decided to widen the USD/VND spot exchange rate band from +/-3% to +/-5%, effective from October 17.