The central bank will absolutely intervene in the forex market if problems with demand and supply affect macroeconomic stability, the governor of the central bank, Le Minh Hung, told a meeting on July 2.

The central bank will intervene in the forex market if problems with demand and supply affect macroeconomic stability

Speaking at the Government’s online meeting with localities, Hung said the central bank has plans to intervene in the market. 

“With current market conditions, we have the necessary tools and solutions to ensure the stability of the macroeconomy,” he was quoted by the local media as saying.

According to Hung, the forex market was relatively stable in the year’s first half and demand for foreign currencies was met. 

The central bank has bought over US$11 billion in the past six months, with foreign reserves amounting to some US$63.5 billion.

Hung conceded the rising exchange rates lately. However, he noted that the upward tendency had been anticipated in the context of the United States’ interest rate hikes and the rising value of the greenback on world markets.

SGT