"The foreign exchange market will stabilize"

 

                                                             Mr. Nguyen Hoang Minh

(ĐTCK) Replies Investment Securities, said Nguyen Hoang Minh, deputy director of State Bank of TP. Minh said that the rate increased slightly in recent days mainly due to balancing the needs of the state banks, however, the state has restored soon be done. Therefore, the rate increase is only temporary.
 
    
    In the early days this week, the USD / USD continues to rise. The reason is, according to him?

 

    Rate of increase lately is negative state banks buy foreign currency to the dollar. However, balancing the needs of the state's largest commercial banks. At the same time, the central bank willing to sell foreign currency to banks to recover state. So, in my opinion, the exchange rate can only rise slightly until the end of this week and then will soon return to stability. Exchange rate volatility is only temporary, not a "wave" of foreign currency, mainly due to people's mentality has pushed up prices USD.

    

    But the U.S. is free "to eat the" bank rate, putting pressure on the exchange rate?

 

    We have also collaborated with management market forces, police TP. HCM City to inspect and regulate the foreign exchange market in city area freely. HCM. In case of any violation of units in the purchase - sale illegal foreign currency will be handled in accordance with Decree 95. Since early this year, SB City. HCM has handled 12 cases, with fines of about 50-70 million / case. However, these cases are only small, retail ..., not disrupting effects market. On the other hand, due to the difference between the exchange rate and foreign banks over time should not be more foreign currency trading on the free market is going to somewhat more orderly than before.

    

    Foreign currency needs of the business today is rising and dollar deposits are reduced to?



    The demand for foreign currency loans of enterprises have recently returned to growth. However, progress in reducing foreign currency deposits began to slow down. For example, in the month 4/2013, growth of foreign currency deposits of local banks is negative 8%, but progress slowed down starting in May and 6. The reason is that the difference between the exchange rate and the money is not too big as before. Meanwhile, if you hold foreign currencies, psychology of some people will be more comfortable in the context of inflation.

    

    In the meantime, if you have spare cash, he put it in savings in USD or USD?

 

    If you have spare cash at the moment, I still choose to send the money and I think VND savings still better, especially for long-term deposits. Because interest rates tend to decrease in the future as inflation is on a better control. Compared with the expected inflation rate for this year is to save money while maintaining the positive real. Meanwhile, interest rates on foreign currency deposits remains controlled ceiling at 2% / year. Hence, if combined with exchange rate volatility (highest increased only 2%, the operating policies of the central bank launched early), the depositors also receive income only 4% / year while sending information savings in dollars. Meanwhile, if you sent the money, this is the lowest rate at 7.5% and / years.