"It's rough to keep rates"

- At the Preliminary Conference first 6 months of the banking sector, on 17/6, SBV Governor Nguyen Van Binh, attitude admonishing those cases deliberately "playing not nice ", not professional to undue pressure to the exchange rate and the gold market.


"If you are still trying to make speculative currency exchange rate tensions, the central bank will absorb cash, increased reserve requirement, if they do not settle the ambiguous status of gold to finish before 30/6, will also have strong measures treatment ", the Governor definitive.


At the beginning of the year, the State Bank has set a target rate steady increase in the amplitude of no more than 2-3% in 2013 to control the expectations of a devaluation of the USD, creating the conditions for business owners the formulation and implementation of business plans. According to information from the central bank, in the first months of the year, the foreign exchange market and exchange rate stability through measures consistent operating. Based closely monitoring developments - supply and demand for foreign currency, central bank operating rate and the average inter-bank exchange rate of the central bank purchased the stable, tightly controlled foreign exchange market, increase foreign reserves State foreign and enhance confidence in the USD.

 

But from April to now, the exchange rate tends to increase again. According to the explanation from the central bank: "On the one hand due to psychological factors, on the other hand due to the pressure of foreign currency deficit appeared to increase again, the central bank has to intervene promptly with reasonable volume."



SB evidence, up to 12/6, the average exchange rate between the USD and the interbank dollar steady at 20,828 VND / USD, the average buying rate of commercial banks increased by 0.9% from a year earlier.


Besides, the state continues to reduce dollarization. As of late May, the rate of foreign currency deposits / total payment of about 11.82%, down from 12.36% in 2012 and 15.84% at the end of 2011.


According to an analysis of the Governor, the market demand has increased the last 2 months, mainly due to the balance of trade deficit started. But the overall balance of payments recorded a surplus of the market and supply meet demand.


"Why are rates increasing pressure, it is because the bank excess cash, surplus liquidity, lending has not been, so to improve their state exchange, buy or reserve through to business business. increasing phenomenon last time rates mainly because the banks do not create markets, "Governor frankly.


The move of the trading banks are still under the law, but the governor recognizes this behavior is not professional and not nice, especially when the system has made all things to aim to stabilize macro, steady rate to thereby lower the interest rate, loan.