The State Bank of Vietnam (SBV) obtained a large amount of foreign currencies in the first half of 2019, pushing foreign exchange reserves recorded in the period to the highest level to date.

Governor of the State Bank of Vietnam Le Minh Hung (Photo: VNA)

The information was released by SBV Governor Le Minh Hung at a regular Government teleconference with 63 provinces and cities nationwide in Hanoi on July 4. 

Hung said fluctuations in the global market in the first six month were unpredictable but proactive and flexible measures had been taken to keep the domestic foreign exchange market stable.

During the period, the reference exchange rate was adjusted by 1 percent, while the rate listed at commercial banks and inter-bank rate were adjusted by 0.3 – 0.4 percent.

He stated the central bank has all necessary tools to effectively control the rate.

He noted since the beginning of the year, the four commercial banks – Vietcombank, Vietinbank, BIDV, and Agribank – have thoroughly followed the Government and SBV’s direction in reducing interest rate for prioritised sectors.

The work has helped businesses lower costs and the banking system keep a stable interest rate, he added.

Meanwhile, credit growth during January-June reached 7.33 percent, roughly equaling that of the same period last year. The credit structure shifted positively, aiding the growth of industry, processing-manufacturing, and export.

Regarding credit for animal husbandry, the Governor said outstanding balance stood at 51 trillion VND (2.19 billion USD), of which 1.7 trillion VND were resulted from damage caused by the African swine fever disease.