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Wednesday, November 18, 2009
No dong devaluation
The State Bank of Viet Nam is working to stabilise the foreign exchange rate and the value of the Viet Nam dong.
Responding to concerns expressed by deputies Nguyen Hong Son and Pham Thi Loan, State Bank Governor Nguyen Van Giau attempted to explain the conflicting policy goals the central bank was facing.
While dollar supplies are replenished by export revenues, the country’s trade deficit in the first ten months of this year reached US$8.9 billion, Giau said.
During the global recession, the four major sources of dollars – including exports, foreign direct investment, remittances and tourism – have all shriveled, Giau said, reducing the dollar supply.
"Meanwhile, to reach economic growth targets, the central bank has had to loosen monetary policy, which puts more pressure on the exchange rate," he said.
To deal with the situation, the central bank has already implemented a number of measures to stabilise the forex market, including widening the daily trading band for US dollars and Viet Nam dong, adjusting the daily interbank rate, and cracking down on the foreign exchange black market.
Giau reaffirmed that the dong would not devalued as some have suggested, and he blamed the rumours for the recent overheating of the gold market, a situation that required the central bank to lift its ban on additional gold imports.
"We are working very closely each week with the Ministry of Industry and Trade – some deputy ministers even work together daily – to discuss appropriate solutions," he told deputies. "The gold and forex markets have been gradually stabilised."
Responding to concerns expressed by deputies Nguyen Hong Son and Pham Thi Loan, State Bank Governor Nguyen Van Giau attempted to explain the conflicting policy goals the central bank was facing.
While dollar supplies are replenished by export revenues, the country’s trade deficit in the first ten months of this year reached US$8.9 billion, Giau said.
During the global recession, the four major sources of dollars – including exports, foreign direct investment, remittances and tourism – have all shriveled, Giau said, reducing the dollar supply.
"Meanwhile, to reach economic growth targets, the central bank has had to loosen monetary policy, which puts more pressure on the exchange rate," he said.
To deal with the situation, the central bank has already implemented a number of measures to stabilise the forex market, including widening the daily trading band for US dollars and Viet Nam dong, adjusting the daily interbank rate, and cracking down on the foreign exchange black market.
Giau reaffirmed that the dong would not devalued as some have suggested, and he blamed the rumours for the recent overheating of the gold market, a situation that required the central bank to lift its ban on additional gold imports.
"We are working very closely each week with the Ministry of Industry and Trade – some deputy ministers even work together daily – to discuss appropriate solutions," he told deputies. "The gold and forex markets have been gradually stabilised."
Forex, telecom issues heat up Q&A session
HA NOI — Foreign exchange policy and State management of media, internet and telecommunications infrastructure were up for discussion during the first day of the National Assembly’s three-day question-and-answer session yesterday in Ha Noi.
Speaking at the beginning of the session, NA Chairman Nguyen Phu Trong said the National Assembly’s Standing Committee had received 254 questions from 112 deputies.
They included 36 questions for the Prime Minister. Some of the questions were answered in 126 written documents sent to the deputies, Trong said.
Questions relating to major issues that attracted the most concern of deputies would be raised in the conference room, he said.
The Governor of the State Bank of Viet Nam and ministers of Information and Telecommunications, Industry and Trade, and Home Affairs were scheduled to take the floor.
Other ministers could add details for questions relevant to their fields.
Speaking at the beginning of the session, NA Chairman Nguyen Phu Trong said the National Assembly’s Standing Committee had received 254 questions from 112 deputies.
They included 36 questions for the Prime Minister. Some of the questions were answered in 126 written documents sent to the deputies, Trong said.
Questions relating to major issues that attracted the most concern of deputies would be raised in the conference room, he said.
The Governor of the State Bank of Viet Nam and ministers of Information and Telecommunications, Industry and Trade, and Home Affairs were scheduled to take the floor.
Other ministers could add details for questions relevant to their fields.
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