In the period 2011-2013, exchange rate relatively stable and has contributed significant part on macroeconomic stability. However, keeping the exchange rate fixed a long time are posing some problems such as: (i) value of the USD is on the rise could affect capacity edge Vietnam's exports, in terms of foreign exchange reserves is increasing, whether to adjust the exchange rate? (ii) exchange rate stability but in certain periods the rates still being pushed up, whether the existing mechanisms. the weather can restrict the behavior of that? (iii) for 2014 and the following year, price USD on the world market still in the trend discount, which affect how the operating mechanism of exchange rate? (iv) in the context of economic integration is deeper, the opening capital account commitment is gradually approaching the relationship between runs the exchange rate and monetary policies put NHNN on the choice how between the rate and the independence of monetary policy? This chapter will research the problem on the operating mechanism of the rates and propose a reasonable institutional solutions for the operating rates of in the short and medium term.
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