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From now until the end of the dollar supply was abundant, so the pressure will be lower exchange rate adjustment, the government said in the statement of the three-year implementation of economic restructuring.
Indicate the number of thick, the Government has generalized all the way from the spot exchange rate volatility sharply in 2008 until stable.
With the constant increase and strong average rate Interbank quarter to quarter 2/2011 1/2008 showed confidence in VND sharp decline, the report noted that, once again the market has signals about the instability of the economy from very early.
And the process of restructuring, according to the Government, starting with implementation of Resolution 11 of the Government dated 24/2/2011 which perform dumping margin rate of 9.36% in May 2/2011 large.
The devaluation rate exceeded expectations of market speculation, along with measures to tighten foreign exchange markets, rising interest rates VND savings interest rates of foreign currency saving ... quickly stabilize the exchange rate, reduce the dollarization of the economy.
Since 4/2011 far forex market movements are generally stable, the growth rate to quarter period 4/2014 2/2011 quarter 1/10 only growth rates of period Q1 / 2008 to quarter 2/2011.
Since quarter 3/2014, the dollar rose to most other currencies, policy USD VND exchange rate peg is detrimental to exports and encourage imports. Therefore, far from 3/2014 quarter adjusted rate rose slightly, reports continue to lead.
According to the executive agency, exchange rate stability is the result of many factors like inflation is controlled at a low level has strengthened confidence in VND, abundant supply of foreign exchange due to the balance of trade surplus and the balance of capital.
Besides, many measures to improve the position VND well done, especially the solution of strict management of foreign currency credit, maintain the ceiling of foreign currency deposit rates at low levels, regulate liquidation VND account surplus on the open market, maintaining the required reserve ratio at a high level for foreign currency deposits, manage the gold market in the direction of removing gold as a unit of payment.
The government forecasts, in the short and medium term, the VND / USD likely not spike, potential thanks to relatively strong foreign exchange reserves of Vietnam.
The report also recalled the day when the Central Bank 08.11.2015 China adjust the exchange rate formation mechanism of the yuan makes continuous depreciation in the three days up to 4.6%, the State Bank reacted by easing flexible exchange rate to ± 3% and dumping reference VND / USD up 1%.
These adjustments and sudden fluctuations of the RMB is assessed to have a significant pressure on the exchange rate in the first period.
"Until now, after the market has adjusted time, pressure on the exchange rate has fallen, exchange rate fluctuations under the ceiling. From now until the end of the dollar supply was plentiful so the pressure will be lower exchange rate adjustment, if only temporary at some times of the year. " The government says.
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