Vietnam may disclose foreign reserves data in 2012: report

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Báo Thanh Niên English - 38 month(s) ago 65 readings

Vietnam, which has kept the precise level of its foreign reserves undisclosed, may publicize the data regularly next year via its national statistics office, VnExpress reported.

The General Statistics Office in Hanoi has announced a new national statistical indicator system which has 76 additional indicators, including statistics on money supply, credit, interest rate, budget deficit, government debts and foreign reserves.

The foreign reserves data will be calculated from foreign currency holdings at the central bank, deposits and loans to other countries, and the special drawing rights holdings – an interest-bearing asset created by the International Monetary Fund, news website VnExpress said.

Around half of the brand-new indicators will be announced this year while the rest, including that of foreign reserves, will be publicized later.

Central Bank Governor Nguyen Van Giau said at the Asian Development Bank’s annual meeting in Hanoi last week that the State Bank was considering the disclosure of national foreign exchange reserves, a policy already adopted by many other central banks. But he noted that such a plan needs to be approved by the government.

International institutions like IMF and ADB regularly announce the data for Vietnam. Vietnamese officials at times mention the forex reserves, but they often just comment on whether the level is safe.

Vietnam’s foreign exchange reserves last year dropped 12 percent from 2009 to US$12.4 billion, ADB said in its Asian Development Outlook 2011 April report. The country’s reserves were enough to cover 1.9 months of imports at the end of 2010, the Manila-based bank said.

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