SBV announced its ready-to-sell USD (spot) to commercial banks

On April 19, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450 (SBV’s current FX reserves are estimated at around 3.1 months of imports – both goods and services). The SBV latest move is its efforts to ease USD/VND exchange rate, which has depreciated quickly in the past couple of weeks.

As of April 19, the USD/VND traded at 25,445 in the interbank market. VND depreciated 2.0% against the USD in the past two weeks and 4.8% YTD, which has outperformed other currencies in the region such as JPY (-8.7%), KRW (-6.2%), TWD (-5.4%), THB (-6.9%), IDR (-5.4%); and underperformed against MYR (-4.0%), PHP (-3.8%), SGD (-3.2%), and CNY (2.0%).

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