Posts Tagged ‘Dong (administrative division)’

A stable Vietnam exchange rate promised in 2012

Posted: February 5, 2012 in Asian Currency Markets, Top Headlines
Tags: , , , , , , ,

VietFinanceNews.com – Industry insiders are expecting a more stable dong-dollar exchange rate and stricter dollar lending in 2012.

In early 2012, State Bank (SBV) governor Nguyen Van Binh confirmed the foreign exchange market would be on an even keel with the dong-dollar exchange rate fluctuating between 2 to 3 per cent in the year.

Binh also forecast a surplus of around $3 billion in the country’s general balance of payments in 2012.

SBV’s Ho Chi Minh City branch deputy director Nguyen Ngoc Thang assumed the city’s foreign currency market was relatively stable with a sharp fall in dollar speculation against some previous years. (more…)

Advisor: Vietnam dong could weaken by up to 6 pct this yr

Posted: January 11, 2012 in Asian Currency Markets
Tags: , , , , , , ,

JANUARY 9, 2012

VietFinanceNews.com – Vietnam’s currency, the dong , could lose 5-6 percent of its value against the dollar this year, a government advisory agency predicted on Monday.

The dong has suffered since 2008, pummelled by volatile inflation, a persistent trade deficit and low foreign exchange reserves. Annual depreciation of up to 6 percent could be seen as a “positive result”, the National Financial Supervisory Commission said in a report.

During 2011, the central bank lowered the dong’s midpoint rate by 9.1 percent, including an 8.5 percent one-off devaluation in February. Currently, the currency is allowed to trade around that rate in a band of 1 percent on either side. (more…)

Vietnam Dong Slips to Record Low as Central Bank Weakens Rate

Posted: October 29, 2011 in Asian Currency Markets
Tags: , , , , , , ,

The State Bank of Vietnam set the daily reference rate at 20,803, compared with 20,788 yesterday, according to its website. The currency can trade up to 1 percent on either side of the fixing. The dong has weakened due to “complicated” movements in the local gold market and the foreign-exchange market “has not stabilized yet,” the central bank said in an Oct. 24 report posted on its website.

(more…)

Vietnam’s Dong Declines as Central Bank Weakens Reference Rate

Posted: October 28, 2011 in Asian Currency Markets
Tags: , , , , , , ,

VietFinanceNews.com – Vietnam’s dong declined after the central bank set its daily reference rate at the weakest level since at least 2005. Government bonds were steady.

The State Bank of Vietnam fixed the reference at 20,788 per dollar, compared with 20,768 yesterday, according to its website. The dong is allowed to trade up to 1 percent on either side of the rate. The currency fell 0.1 percent to 20,989 as of 3 p.m. in Hanoi, according to prices from banks compiled by Bloomberg. (more…)

Vietnam’s Dong Declines as Central Bank Lowers Reference Rate

Posted: October 6, 2011 in Asian Currency Markets
Tags: , , , , , , ,

VietFinanceNews.com – Vietnam’s dong fell as the central bank lowered its daily reference rate for the first time since August. Government bonds were little changed.

The State Bank of Vietnam fixed the reference at 20,638 per dollar, compared with 20,628 yesterday, according to its website. It last adjusted the measure on Aug. 24. The dong is allowed to trade up to 1 percent on either side of the rate and it can move outside the band on the so-called black market. The currency also dropped on speculation companies stepped up dollar purchases to pay for imports and redeem overseas debt.

(more…)

Vietnam central bank to boost money supply, credit

Posted: September 9, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,

VietFinanceNews.com – Vietnam’s central bank will likely pump 300 trillion dong ($14.4 billion) into the economy from now until the end of the year and allow commercial banks to lend around 238 trillion dong, according to a state-run newspaper on Thursday that quoted the central bank.

The figures point towards an increased money supply and credit, but the newspaper Thanh Nien said neither would exceed the official targets of 15-16 percent and 20 percent respectively.

State Bank of Vietnam governor Nguyen Van Binh told bankers at a meeting on Wednesday that he expected annual credit growth to come in at 15-18 percent this year, the newspaper reported.

(more…)

Vietnam Central bank intervenes to support dong

Posted: September 6, 2011 in Asian Currency Markets
Tags: , , , , , , ,

VietFinanceNews.com – Vietnam’s central bank has been selling U.S. dollars to banks in recent weeks to support the weak dong , which has come under pressure since early August following months of stability, market sources said.

The State Bank of Vietnam (SBV) has sold an estimated $1.5 billion to five or six large state-run and partly-private banks since mid-August, two sources who closely follow the Vietnamese currency market estimated.

Two other sources declined to estimate the total value of the intervention but said some banks had been sold between $15 million and $35 million a day over about three weeks.

Intervention in the currency market is not unprecedented for the SBV, but past attempts have proven ineffective at sustainably supporting the dong, which has fallen by more than 20 percent against the dollar since mid-2008.

(more…)