SBV: Foreign Reserves Total $27 Billion

Viet Nam's foreign exchange reserves total $27 billion, State Bank of Viet Nam (SBV) Governor Nguyen Van Giau said Thursday after reiterating the government doesn't have a policy of devaluing the dong.

"There is no policy of devaluing the dong," he said on a conference call with international investors.

Up-to-date data on Viet Nam's foreign exchange reserves is usually only released by Viet Nam to multilateral organizations such as the International Monetary Fund.

Last week, Viet Nam's central bank lowered the dong's official rate against the dollar by 2%. The country's economic problems, such as spiraling inflation, have led to speculation the government will have to devalue the dong substantially. (Dow Jones)