Ktetaichinh’s Blog

December 13, 2009

Central bank to purchase dollar reserves from state corporations

Filed under: Uncategorized — ktetaichinh @ 5:12 pm
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VNBusinessNews.com – Vietnam’s seven largest state-owned corporations had made dollar deposits of about US$1.9 billion in local banks as of the end of November, and the central bank aims to purchase these, an official said.

Of the total figure, term deposits were recorded at around $1.2 billion while the remaining was in demand deposits, local news website VietNamNet quoted Nguyen Quang Huy, head of the central bank’s Foreign Exchange Management Department, as saying Thursday.

Huy said the State Bank of Vietnam would discuss with corporations the purchase their dollar reserves to make sure it is done effectively. He said the central bank would ensure they have enough dollars to meet their needs.

The government had recently asked state-owned corporations to sell their US dollars to ease a shortage of the currency. State Bank Governor Nguyen Van Giau said late last month that local companies, mostly state owned corporations, hold about $10.3 billion in US dollars.

Vietnam’s foreign exchange reserves fell in August to about $16.5 billion from $23 billion at the end of 2008, World Bank data showed in November.

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