Foreign currency reserves = $ 20.7 billion – State Bank of VN reveals “state secrets” to investors

VietNamNet Bridge. Jun 26, 2008. Governor of the State Bank of Vietnam Nguyen Van Giau has made an announcement considered the most surprising declaration since he took up the post as head of the central bank. Giau revealed the foreign currency reserve of Vietnam in an effort to calm international investors.

Giau said: “Under the current laws, the figure about foreign currency reserve must not be made public. However, in this case, we have got the nod from the Prime Minister to declare the figure. Vietnam’s current foreign currency reserve is $ 20.7bil,” Giau said during an online dialogue between high-ranking officials of the government of Vietnam and foreign investors from two big regional financial centres, Hong Kong and Singapore.

The unprecedented dialogue was sponsored by the World Bank (WB) with the participation of the Asia Development Bank (ADB), the institutions that have been supporting and encouraging the policies in most of Vietnam’s development issues. It is clear that WB and ADB, with their influence and prestige, want to create a way for Vietnam to explain to international investors about its current situation, which has been distorted by many international financial institutions.

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