The State Bank of Viet Nam (SBV) will not make any further adjustment to the Viet Nam Dong/US Dollar exchange rate this year, SBV Deputy Governor Nguyen Thi Hong said in a press release issued late on August 24.

The statement was made following the recent Viet Nam Dong weakening against the US Dollar, notably on the interbank markets where the Dong fell to its bottom of 22,547 VND/USD on August 24.

The depreciation was mainly due to psychological factors amid China’s surprise devaluation of its Yuan currency and probably rumors attempting speculation, the SBV official explained.

(Photo: VNA)

She reassured that the SBV will undertake various interventions to stabilise exchange rates through early 2016.

She noted that the SBV’s adjustment to the trading band of Viet Nam Dong/US Dollar was a pre-cautionary move, taking into account the possibility that the US’s Federal Reserve Bank (Fed) will make a liftoff in interest rates.

(Source: VNA)