“It was a lot of work,” deputy governor of the State Bank of Vietnam (SBV) Dao Minh Tu repeatedly said Tuesday at the annual review meeting of the banking sector, referring to the impact of the Russia-Ukraine war which sent inflation soaring and caused central banks to hike rates. In the first week of June only 3% of investors expected the U.S. Federal Reserve to hike interest rates by 0.75 percentage points, but the hike came just a few days later. The American central bank continued to raise the rates in the following months to control inflation which had soared to a 40-year high. The hikes pushed the U.S. Dollar Index, which measures the greenback's strength against major currencies, to a two-decade high, forcing Vietnam to respond. On September 22 the SBV raised its policy rates by 1 percentage point after keeping it unchanged for two years. In mid-October it widened the dong-dollar trading band from 3% to 5% a day and let the Vietnamese currency depreciate against the dollar for a third time within a month. This sent the dollar soaring to a record VND25,000 on the black market. At the end of October the central bank again hiked… Read full this story
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