According to Quang, this is an increase in line with domestic and overseas market conditions and developments.
Moreover, the Fed expected to continue to tighten monetary policy in the near future, which would cause the currencies of many major developing economies to depreciate sharply.
Although the international market fluctuated greatly, the domestic foreign exchange market was still operating stably, market liquidity was stable while the legal foreign exchange needs of the economy were fully met, especially the demand for foreign exchange for import essential products for production and business.
Still according to Mr. Pham Chi Quang, with the importance of the foreign exchange reserves which were bought back and strongly consolidated by the State Bank during the previous periods, the SBV continues to sell foreign currencies to stabilize the market.
Specifically, the SBV will increase the frequency of FX intervention sales in order to be prepared to more often supplement the FX supply for the market; thus creating the conditions for the system of credit institutions to fully meet the legitimate foreign currency needs of organizations and individuals, including the demand for foreign currency to import essential products for domestic businesses, producers and exporters.