By Joe Fotalattee
The central bank’s deputy governor Dao Minh Tu said at a news conference on Tuesday that “The central bank will continue its purchases of foreign currencies.”.
Vietnam is working to strengthen foreign exchange reserves by acquiring more U. S. dollars to support its dong currency.
In order to increase their own reserves or supply them to the nation’s banks, central banks intervene in the foreign exchange market. Frequently, they want to keep the exchange rate stable.
An estimate of Vietnam’s foreign exchange reserves this time last year was at $100 billion.