Central bank governor says Vietnam forex reserves at $37 bln

Thanh Nien News

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 Vietnam's forex reserves was estimated at US$37 billion. Photo: Ngoc Thang
Vietnam's foreign exchange reserves increased by 2.7 percent to US$37 billion so far this year, the chief central banker was quoted as saying in news website Saigon Times Online on Wednesday.
The figures could reach about $40 billion if other items, such as gold reserves, which were estimated at 10 tons, and deposits in foreign currencies by the State Treasury and credit institutions at the central bank are included, Governor Nguyen Van Binh of the State Bank of Vietnam (SBV) said.
His comment came amid speculations that the country's forex reserves were reducing as trade deficit continued in Q2 and reached $3.75 billion by the end of June.
Vietnam devalued the dong currency twice this year by a combined 2 percent. The central bank plans to keep the depreciation less than 2 percent for the whole of 2015, a deputy governor said in May.
Binh believed the plan would not have a negative impact of accelerating the depreciation in 2016. 
"[SBV] has [sufficient] forex reserves to intervene when needed... and manages forex rates in a long-term approach," he was quoted as saying.
The gold reserves also reached a record high since 2012, the report said.
"The [local] gold market is now totally under control, and SBV can intervene when necessary with its reserves," Binh was quoted as saying.

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