20.07.2021, 17:42

State Bank pledges to operate proactive and flexible exchange rate

 
State Bank pledges to operate proactive and flexible exchange rate

Governor of the State Bank of Vietnam Nguyen Thi Hong   

NDO - Governor of the State Bank of Vietnam Nguyen Thi Hong and Secretary of the Treasury of the United States Janet Yellen are committed to maintaining close goodwill and cooperation to find solutions to common challenges such as supporting a strong and comprehensive recovery after the COVID-19 pandemic, heard a bilateral virtual meeting on July 19.


In its report on the macroeconomic and foreign exchange policies of the major trading partners of the US in April 2021, the US Department of the Treasury said that there was not enough evidence to identify Vietnam as a currency manipulator.

After that, the US Department of the Treasury and the State Bank of Vietnam, in a spirit of goodwill, cooperation and mutual respect, continued to work at both high and technical levels on monetary policy, exchange rates and the foreign currency market of Vietnam.

During the process, the State Bank affirmed that Vietnam's exchange rate policy, within the framework of the common monetary policy, is aimed at the overarching goal of stabilising the macro-economy and controlling inflation but not creating any unfair competitive advantage in international trade.

Along with the modernisation of the monetary policy framework, the State Bank is committed to continuing to operate exchange rates proactively and flexibly, in line with the development level of the foreign currency market, contributing to stabilising the macro-economy, and thereby alleviating the concerns of the US Department of the Treasury.

The views of the State Bank of Vietnam were shared and agreed upon by the US Department of the Treasury.

At the bilateral online meeting on July 19, Governor of the State Bank of Vietnam Nguyen Thi Hong and Secretary of the Treasury of the United States Janet Yellen highly valued the constructive coordination between the two sides and pledged to maintain close cooperation to find solutions to common challenges.