Similarly yesterday, despite the FX rate in the so-called black market soared to 22,000 dong/US dollar, the interbank FX rate today February 18 continued to be adjusted down by 5 dong/US dollar to 20,678 dong/US dollar from 20,683 dong/US dollar on February 17 and the ceiling FX rate at commercial banks is at 20,885 dong/US [...]
Vietnam’s variation of the dong’s reference rate each day since it devalued the currency is evidence of a more transparent exchange-rate policy, according to VinaCapital Investment Management Ltd. The reference rate was set today at 20,683 per dollar and has been fixed at a different level each day since the dong was devalued by 7% [...]
Even though they expected the dong/dollar exchange rate adjustment, businesses are shocked at the sharp dollar increase of 9.3 percent. Importers worry themselves sick Deputy General Director of the Thai Nguyen Cast Iron and Steel Corporation Hoang Van Tong, ,complained to VietNamNet’s Vietnam Economic Forum that the exchange rate adjustment would surely make production costs [...]
Exchange rates and inflation will continue to be two burning issues for Vietnamese macroeconomics in 2011, the local newswire Sai Gon Tiep Thi reported February 16, citing senior officials in a recent meeting. “The problem of exchange rates will put pressures on other balances and on inflationâ€, said Vu Viet Ngoan, Vice Chairman of the [...]
The recent 9.3% dong devaluation will not significantly affect the country’s inflation The recent 9.3% dong devaluation will not significantly affect the country’s inflation, the online newspaper VnExpress quoted Le Duc Thuy, Chairman of the National Committee for Financial Supervision as saying on February 2. The exchange rate adjustment of 1% regularly affects inflation between [...]
If the exchange rate is managed well along with other solutions, inflation will be controlled, helping stimulate economic growth and stabilise the macroeconomy. On February 11, the State Bank of Vietnam (SBV) decided to raise the interbank exchange rate to VND20,693 per US$1 and narrow the trading band from 3 percent to 1 percent on [...]
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