The government of Vietnam has injected trillions of Vietnamese dong into the market through foreign currency purchases from commercial banks to support the economy. According to reports, since October 2021, the State Treasury of Vietnam has bought a total volume of USD1.3bn from commercial banks that was injected into the banking system. The State Bank of Viet Nam (SBV) also bought large amounts of foreign currency many times in the second half of 2021. The move is aimed at maintaining good liquidity for commercial banks, helping them lend at low-interest rates to support the economy. Data from the Saigon Securities Incorporation’s Research Division showed that in the first three weeks of November alone, the amount injected into the market through the SBV’s foreign currency buying channel was more than VND60tr (USD2.63bn).
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