Question in operating the exchange rate policy of the State Bank of Vietnam in the current period

Exchange rate policy is one of the important measures of national monetary policy. The devaluation of the domestic currency may boost exports and improve the balance of payments, but that can only happen in certain conditions and affect differently each different commodity. In an open economy, the real exchange rate affects commodity prices between domestic production and imports. Rate can also directly affects on inflation due to price changes measured by local currency of imported goods and thereby influences the price index. Generally, when changing in the exchange rate leads to the change in supply - demand for foreign currency in the market, thereby it affects on macroeconomic variables such as important national income; inflationary; unemployment and balance of international payments. Consequently, operating efficiency rate policies plays an important role in managing the general macroeconomic and monetary policy of Vietnam. Especially, in current period, exchange rate policies is even more important when Vietnam has been trying to recover and stabilize the economy after the crisis since 2007, especially implementing restructuring econoomy plans with the objective to control inflation, stabilize the macro-economy, ensure high economic growth at 6.5-7% in the current period. Therefore, the monitoring of changes in exchange rates, as well as evaluating the effectiveness of the operation of the exchange rate policy of the National Bank of Vietnam is a topic that is the people, businesses and the government is very interested. Especially in the current conditions the world economy is more volatile, unpredictable, could potentially negative impacts on Vietnam''s economy.