HANOI- The State Bank of Vietnam (SBV) has this year bought $6 billion from the local market to consolidate its foreign exchange reserves, state media reports said on Wednesday, citing the central bank.
The reports did not disclose the current level of the central bank reserves.
Vietnam recorded a trade surplus of $7.5 billion in the first four months of this year, facilitating the central bank’s move to buy the greenback.
Banks’ lending in the year to May 9 rose 2.69 percent, the reports said. The central bank targets credit growth of 14 percent to 15 percent for the year.
The SBV did not immediately respond to a Reuters request for comment. Vietnam rare discloses the size of its foreign reserves.
Central bank governor Nguyen Thi Hong said last week it was weighing further policy rate cuts to support the country’s slowing economy. -Reuters
