The State Bank of Vietnam has begun selling US dollars to curb a rapidly appreciating exchange rate, offering relief to banks with negative foreign currency positions.
Before the State Bank of Vietnam decided to increase the operating interest rate from October 25, Yuanta said the increase would negatively affect the valuation of stocks. However, bank stock valuations remain very attractive.
Circular No. 12/2022/TT-NHNN from the State Bank of Vietnam (SBV) on foreign exchange management in foreign borrowing and repayments by enterprises will take effect from November 15. Enterprises must publish monthly online reports on their website on foreign loans and repayments that are not guaranteed by the government.
The State Bank of Vietnam (SBV) has recently injected more than VND18.6 trillion ($779.22 million) into the market through open market operations (OMO) to support system liquidity, especially during the trading session on October 10.