Viet Nam's foreign exchange reserves hit US$87.6 bln

Official data showed Viet Nam's foreign exchange reserves rose from US$34.3 billion at the end of 2014 to a record high of more than US$111.8 billion in January 2022.

As global financial market volatility and exchange-rate pressures intensified, Viet Nam's reserves dipped to US$86.7 billion in late 2022 before recovering slightly to nearly US$87.6 billion as of June 18 this year.

The SBV is seeking public comments on a draft decree amending and supplementing a number of provisions of Decree No. 50/2014/ND-CP on the management of the State's foreign reserves.

The draft focuses on revising several key provisions concerning the sources of the State's foreign reserves, investment principles, coordination mechanisms between the Ministry of Finance and the SBV, as well as market intervention instruments.

One of the notable proposed changes is the addition of Special Drawing Rights (SDRs) allocated by the International Monetary Fund (IMF) to the sources of the State's foreign exchange reserves.

SDRs are international reserve assets allocated by the IMF to its member countries to supplement reserve assets and support global liquidity.

Under the draft decree, SDRs allocated by the IMF will be recognized by the SBV as part of the State foreign exchange reserve fund./.