The State Bank of Vietnam (SBV) has announced on November 25 that 1) it will raise the benchmark base rate to 8.00% p.a. from 7.00% p.a. [effective from December 1];
2) reset the official VND mid-point exchange rate to 17,961 from around 17,034 against the USD, with the ceiling rate at 18,500 [effective from November 26]; and
3) narrow the trading band to 3% from 5%.
In addition, the prime minister is reported to have requested some major exporters to sell their FX receipts to the central bank.
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