Vietnam central bank sold dollars to stabilize market: report

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Vietnam's central bank said it had sold a "reasonable" amount of dollars to stabilize the local market in the third quarter after a gold frenzy fueled dollar hoarding.

The "timely" response helped ease the pressure on the exchange rate, the State Bank of Vietnam said in a quarterly report published this week. It did not say how much money it pumped into the market.

Other measures were also taken, including maintaining a flexible interbank exchange rate and strengthened surveillance over illegal forex trading activities, the report said.

The central bank had said earlier this month it aims to keep the exchange rate stable until the end of the year, preventing a rise of more than 1 percent.

Vietnam's money supply rose 8.87 percent from the start of the year through September 23, the central bank said.

Deposits at banks increased 9.82 percent in the first nine months, the report said. Credit rose 8.16 percent in the same period.

However, compared to August, loans dropped 0.94 percent.

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