No further devaluation of dong in 2011, Vietcombank Securities says

There will be no more dumping of dong this year when the improvements in the international balance of payments will help minimise the exchange rate risk, according to Vietcombank Securities Company (VCBS). The State Bank of Vietnam on February 11 adjusted up the dong/US dollar exchange rate by added 9.3 percent and narrowed the trading [...]

Further cbank moves expected post-devaluation

The Vietnamese dong has continued to decline in unofficial trade after the February 11 devaluation, a sign that the central bank should be doing more to calm the foreign exchange market, bankers said on Monday. The dong fell to 22,200/22,300 a dollar at a major gold shop in Hanoi at 0235 GMT on Monday from [...]

After Dong devaluation: Dollar tension looms

Dollar tension still lingers the local money market after the central bank’s dong devaluation , due to shortage of dollars , the local newswire Phap Luat TP Ho Chi Minh reported. Vuong Thai Dung, Petrolimex’s Vice general director said, it’s now a bit easier to buy dollars since the dong devaluation, yet the company still [...]

Vietnam Dong eases first time since Dong devaluation

Vietnam’s dong on February 22 eased the first time since dong devaluation, ending the gaining momentum for 10 straight days, as the State Bank of Vietnam (SBV) weakens the reference rate midpoint to VND20,678 from VND20,673 yesterday. Given the latest midpoint rate, the dollar prices could move between 20,471 and 20,885 in interbank transactions, within [...]

Vietnam devaluation negative for banks -Moody’s

Vietnam’s large currency devaluation this month will likely weaken asset quality at the country’s banks, while exacerbating liquidity management problems, Moody’s Investors Service said on Monday. A depreciating dong and heightened concerns about asset quality would delay banks’ plans to sell shares to foreign strategic investors, it said in a statement. The State Bank of [...]

Dong falls on speculation companies buying dollars

Vietnam’s dong fell on speculation local companies were stepping up their buying of dollars to pay for imports. The government’s benchmark bonds declined. “Demand for dollars is pretty high at present,” said Nguyen Tu Lan, head of foreign exchange at Vietnam Bank for Industry and Trade in Hanoi. The dong dropped 0.8 percent to 20,895 [...]

Devaluation drives up dollar, gold

Both US dollar and gold prices continued their steady upward creep on the black market for a sixth consecutive day yesterday, following the State Bank of Viet Nam’s 9.3-per-cent devaluation of the dong last Friday. Currency dealers on forex trading streets like Ha Trung and Tran Nhan Tong were trading the dollar at VND22,000, up [...]

Devaluation is bitter sweet for firms

The recent exchange rate hike is offering mixed fortunes for steel companies. Steel firms are among the most negatively affected ones. For example, Pomina Steel Corp. (POM) said it had increased selling prices from VND300,000 ($14.5) to VND400,000 ($19.3) per tonne since February 18 despite modest demand. POM chairman Vu Duy Thai said the rise [...]

Can The Vietnam ETF Bounce Back From Currency Devaluation?

Soaring food prices across much of the developing world has led to a difficult situation for many central bankers in emerging markets. They are torn between raising rates to curb inflation but also potentially choking off further growth in their economies. One nation facing this issue is Vietnam where the average lending rate is roughly 15.3% [...]

Market prices fluctuate on dong depreciation

The domestic market has noted sharp changes after the central bank adjusted up the inter-bank rate by 9.3% and narrowed the trading band for the dong to 1% from 3% previously, reporting many commodity prices up strongly while others remained unchanged. Cooking gas jumped in prices right after the adjustment became effective Friday. Cooking gas [...]

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