Trang Chủ
The report sent to the National Assembly put foreign exchange reserves at "sufficient for the central bank to actively meet the market's forex supply/demand and avoid abnormal changes of exchange rates", the Saigon Giai Phong (Liberation Saigon) said.
The report did not say if the $12 billion of reserves mentioned in the report included gold and central bank officials were not immediately available for comment.
The International Monetary Fund has estimated Vietnam's reserves, including gold, would rise 33.9 percent to $11.46 billion this year from $8.56 billion in 2005.
In May, central bank governor Le Duc Thuy told Reuters Vietnam had been maintaining sufficient foreign currency to cover 10 to 12 weeks of imports in recent years.
Rising export revenues, higher foreign direct investment and remittances from overseas had helped improve Vietnam's reserves, industry experts said.
Foreign investment commitments were expected to reach a record $9 billion this year, according to government figures, and should rise next year after Vietnam officially becomes the 150th member of the World Trade Organisation, due next month.
The National Assembly ratified the entry on Tuesday, three weeks after Vietnam won approval from the WTO General Assembly in Geneva to become a member.
Source: Reuters, November 29, 2006
