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Governor Nguyen Van Binh announced The State Bank of Viet Nam received US$10 billion in the first four months of 2014, raising the total foreign reserves to $35 billion.
Binh also added in a Governmental meeting in April that if taken into account the potential investments, the reserves probably amounted to $45 billion. Larger reserves are believed to help stabilize foreign exchange rates.
The money supply in Viet Nam's banking system at the end of April was an estimated 4.18 per cent, Binh noted without stating a figure.
Remittance in three months was about $2.3 billion. Last year, Viet Nam was among the top 10 remittance recipients with $11 billion, and it is likely to stay robust this year, according to the World Bank's latest issue of the Migration and Development Brief.
The money supply growth rate was lower than the same period last year, which experts blamed on a decline in total demand. However, the governor of the central bank rejected the rumor, adding that the figure simply reflected the current economic situation.
Binh, again without stating a figure, noted that in the first four months of 2014, total deposits at banks increased to 3.41 per cent from the end of last year, or increased to 5.1 per cent against the same period last year.
This is Jessica Driver. We will be back with more news from English 123.
Source: vietnamnews
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