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Forex market improves, currency pressure eased: central bank   2010-04-03 - Thanh Nien News

The downward pressure on the dong has been eased as liquidity on the currency is improving, State Bank of Vietnam Governor Nguyen Van Giau said in a statement Friday.



“Enterprises have sold foreign currencies to commercial banks, which helps increase market liquidity,” Giau said, noting that local people are also considering selling their personal forex reserves and saving money in dong deposit accounts.


The government will take “strong measures” to control trade deficit and encourage exports, the governor said in the statement in which he answered several questions by local reporters.


Vietnam’s monthly trade gap in March was US$1.35 billion, pushing the year-to-date trade figure to $3.5 billion, the General Statistics Office in Hanoi.


The central bank had ordered the closure of gold trading floors and offshore accounts by March 30 as part of measures to stabilize the country’s financial system.


“Commercial banks have complied with the closure deadline,” Giau said. “There is information that some gold trading floors, which are not managed by a commercial bank, have continued offer gold trading services in disguise. We will cooperate with concerned authorities to inspect them and punish violators.”


As the global economic recovery has not yet fully stabilized and the local economy still faces many challenges, the pressure on the banking system will continue, he said.


At the end of last year and during the Tet Lunar New Year Holiday, local commercial banks had liquidity problems but the situation has improved, he said.


Deposits expanded 3.8 percent in the first quarter this year and the amount of individual deposits alone increased 9.2 percent, which means public confidence in the banking system is strong, Giau said.

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