ACBS: Foreign exchange reserves still within safe margin

According to the ACB Securities Company (ACBS), the State Bank of Vietnam (SBV) sold some $21 billion of foreign exchange reserves in the first eight months of this year, or 19 per cent of the total. Reserves now stand at $89 billion, or about 12 weeks’ worth of imports, which is still within a safe margin. ACBS expects it will be difficult for the SBV to maintain low interbank interest rates in the near future, because the US Fed is likely to introduce three more rate hikes from now to the end of the year, putting downwards pressure on the VND/USD exchange rate.