Analyst Pin-board Change in FX intervention policy and implications
At the end of 2020, the SBV announced new regulations on buying foreign currencies from commercial banks. To be specific, from 31 Dec 2020, the SBV stopped listing spot bid-rates on USD/VND and stopped buying USD in the spot market. From 04 Jan 2021, the SBV extended the USD forward contract term to 6-month instead of 3-month at the USD/VND rate of VND 23,125. Besides, commercial banks are only allowed to cancel one-time the entire transaction value of the forward contract.
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