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Vietnam has enough foreign currency for imports: state bank (18/8)
06/08/2010 - 135 Lượt xem
Foreign currencies held by the State Bank of Vietnam, the country's central bank, are enough to pay for nine weeks of imports.
The bank's reserves averagely US$7 billion each week during the first seven months of this year, sufficient for it to cope with exchange rate fluctuations or any shortage of foreign currency, the bank confirmed.
The inter-bank foreign exchange rate between US dollar and VND is 1:15,973 on Tuesday, according to the bank.
It is estimated that Vietnam needs about $25 billion for imports from now to the year-end.
Vietnam's foreign currency supply has grown, partly due to the country's higher export revenues.
Vietnam earned 22.3 billion from exports in the first seven months this year, a year-on-year rise of 25.7 percent.
It is expected to reap export earnings of $40 billion and need foreign currency worth $45-50 billion in 2006.
The supply is also ensured by the inflow of foreign direct investment (FDI).
The country lured 3.4 billion dollars of FDI in the first seven months this year, according to the country's Ministry of Planning and Investment.
Source: Xinhua
