VietNamNet Bridge – Under the draft of the new Ordinance on Foreign Exchange, individual residents can borrow money from foreign sources, pay debts and must be responsible for the borrowing in accordance with the regulations to be drawn up by the government.
If the draft ordinance is approved, Vietnamese individuals would be able to take initiative in borrowing foreign currencies from foreign sources for their personal spending or investments and paying debts. (more…)
CBI announces near new decisions to reduce the high rate of foreign currencies
Iraqi Central Bank announced on Thursday that it was taking a number of new decisions that will change the exchange rate of foreign currencies against the Iraqi dinar and thereby contributing to its stability in the currency market.
The bank said in a press statement received / Baghdadiya News / copy of “Central Bank and after follow-up floury to the high exchange rate of foreign currency in the secondary markets in Iraq, tends to take many new decisions to maintain the stability of the exchange rate of these currencies in the market.” (more…)
Font Size:01/22/2013 (23:00 pm)
D. Accustomed Naji al-Hamdani
Seen monetary and fiscal policy since 2003 a major shift in the banking sector has taken the Iraqi government some necessary measures derecognition foreign exchange controls and the lifting of restrictions on the movement of trade, capital and support and encourage private companies in the banking sector to move from a system exchange controls system to the open market as one requirements of a market economy. (more…)
on 12.6.2012
Governor of the Central Bank announced Agency Abdul Basit Turki “occurred in the decision to delete the zeros and currency exchange.”
Turki said the “timing of the start of the implementation of the project has not been determined until today, but it will not be over the next year 2013.” (more…)
11/28/2012
Chief Economist Ali Mirza to resort to the use of financial reserves increases the likelihood face economic crises and inflation within the functions balancing the Iraqi banking system, because the mechanism for implementing the basic function set of international reserves, but carried out through the budget process going on between the assets and liabilities of the banking system, although prejudice This budget can lead to serious consequences. (more…)
Chief Economist Ali Mirza to resort to the use of financial reserves increases the likelihood face economic crises and inflation within the functions balancing the Iraqi banking system, because the mechanism for implementing the basic function set of international reserves, but carried out through the budget process going on between the assets and liabilities of the banking system, although prejudice This budget can lead to serious consequences. (more…)
October 14, 2012, 2:15 pm
Parliamentary Finance Committee warned of the consequences of the control of some of the companies on the hard currency market and auction, and called at the same time to expand its subscriber base by auction of the Central Bank. (more…)
A source well-informed about Prime Minister Nuri al-Maliki ordered to stop foreign transfers to the dollar, stressing that he summoned the Governor of the Central Bank and a number of heads of special committees to discuss the issue of remittances outside the country. (more…)
MAY 13, 2012
VietFinanceNews.com – The Vietnamese currency, the Vietnam dong, is increasing in value, said a research team of the Institute for Financial Strategies and Policies under the Ministry of Finance at a recent conference.
By the end of 2011, the dong appreciated 23.8 percent and 5.7 percent against the US dollar and a “basket” of foreign currencies of other trading partners, said the team at “Coordination of fiscal and monetary policies in macroeconomic regulation” conference held by the ministry in Hanoi. (more…)
Date: Monday 02/06/2012 9:03
Baghdad (news) .. Description of the Central Bank of the case of the rise of the dollar as the air bubble is empty, which will be gone and can control them, pointing at the same time have the highest balance of reserves up to (60) Mllardolar.
Deputy Central Bank of the appearance of the benefit (of the Agency news) said on Sunday: The case of the rise of the dollar in recently obtained due to the weak local production and the withdrawal of foreign exchange through import materials and foreign goods. (more…)
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…)
SATURDAY, 21 JANUARY 2012
Dominated the Iraqi dinar in the recent interest in companies sell foreign currencies, especially on the Internet, when you browse these sites often read phrases such as “buy dinars, the government will raise the current value of the currency will become of the rich.”
This comes at a time when the Iraqi Central Bank to raise the price of the Iraqi dinar against the dollar by 3.4%.
And move the location of Georgia Pablk Brodcastnk U.S. mail for an expert on financial planning Brian Hancock said he does not have anything in the world of the content of foreign exchange exhibition of the variables at all times. (more…)
Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh in an interview to «life», said the persistence of dollarization of the Iraqi market and the duplication of transactions in different currencies, something negative needs to implement the program is able to restore confidence in dinars, adding that the dollar accounts for 40 percent of local trading.
He said: «the Iraqi market is not removed from the market Almdolrh, and this negative phenomenon means that there are flaws in the domestic economy and international relations, and thus lead to a deterioration of the currency market locally and abroad». (more…)
After the stability lasted about five years, volatility has returned to the Iraqi dinar exchange rate for reasons considered by economists to reflect the withdrawal of U.S. forces and political turmoil, but that the central bank considered it a bubble behind them Mentfon and speculators.
Immediately after the announcement of U.S. troops out last soldier of their land of Iraq towards the Kuwait base, followed by the outbreak of internal political differences, saw the Iraqi dinar fell against the dollar by 17 points, after it had maintained its value against other currencies for more than five years, at a flat rate did not extend past the barrier 1117 dinars to The security situation (more…)
VietFinanceNews.com – After more than a month of keeping the interbank exchange rate unchanged, the State Bank of Viet Nam yesterday raised the forex by VND10 to VND20,813 per dollar, its highest level this year.
The interbank dollar exchange rate has advanced VND185 per dollar, or 0.9 per cent, since September when the central bank committed to keeping the forex fluctuation under 1 per cent until the end of this year.
Following the move, Vietcombank yesterday also lifted the dollar exchange rates by VND8-10 over the previous day to VND21,015/21,019. Vietinbank quoted the greenback at VND21,018/21,021 while Eximbank and ACB figures were VND21,000/21,021. (more…)
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.
VietFinanceNews.com – The State Bank of Vietnam, the country’s central bank, sent official dispatches, requesting credit institutions to strictly implement Decree No. 95 on gold and foreign exchange trading and asked support from four related Ministries on Oct 25.
The central bank asked credit institutions and branches of foreign banks to strictly follow the new regulations on foreign exchange control and gold trading management, actively detect and report violations. (more…)
VietFinanceNews.com – Vietnam’s foreign exchange reserves are estimated to be higher than earlier this year but are yet to reach the safe threshold, said the National Financial Supervisory Commission.
The forex reserves may be equal to 7.5 weeks of import cover compared to 3.5 weeks earlier this year, but they should cover 12 to 13 weeks of imports, Le Xuan Nghia, vice chairman of the commission, said this week.
After the central bank sold a large volume of foreign currencies within the past two weeks to cool down the exchange rate, financial experts are concerned that the move could pile pressure on foreign reserves and the central bank’s commitment to keep the exchange rate fluctuation under 1 percent from now to the end of this year.
VietFinanceNews.com – The State Bank of Viet Nam yesterday announced an increase in the interbank exchange rate to VND20,668 per dollar, VND15 higher than that of Monday and the fourth increase since last Wednesday.
Driven by the State Bank move, commercial bank forex rates soared accordingly, Vietcombank posting a VND20,875 – VND20,870 per dollar sell/buy, an increase of VND15 and VND14 per dollar.
Several other banks including, Asia Commercial Bank and Eximbank, also increased their forex rates to selling prices of VND20,875 per dollar and buying prices of VND20,853 – VND20,855.
On the black market however, greenbacks settled on VND21,250 – VND21,280 (buying/selling) yesterday, a decrease of VND100 per dollar.
On the domestic market, the price of gold increased significantly due to increased world prices and the hike of forex rates announced by the SBV.
At 12pm yesterday, gold shop Phu Quy on Tran Nhan Tong Street, Ha Noi, posted buy/sell prices of SJC gold at VND43.8 million (US$2,105.77) – VND44.03 million ($2,116.83) per tael (one tael being equivalent to 1.2 ounces), VND500,000 higher than on Monday.
At the same time, the spot world price on the London Bullion Market was $1,679 per ounce.
Last Wednesday, the central bank said it would continue selling US dollars to cool down the domestic foreign exchange market, ensuring that the value of the domestic currency would not fall by more than 1 per cent against the dollar between now and the end of the year.
If the Vietnamese dong was to devalue by 1 per cent, the forex rate would be VND20,834 per dollar. Thus far, the adjustment had reached 0.2 per cent, experts said.
Vo Tri Thanh, deputy director of the Central Institute for Economic Management, said that higher exchange rate pressure would overshadow the rest of the year.
Senior economist Tran Hoang Ngan said that, as the adjustment still fell below 1 per cent as set by the central bank, there was no need to be worried.
He added that the inter-bank rate increase was a way of managing exchange rates flexibly to create market stability, saying there was no reason for devaluating the domestic currency as inflation had been under control and demand and supply for foreign currencies were stable.
On Monday, the central bank allowed two more banks to sell gold, alongside Sai Gon Jewellery Ltd Company (SJC) and five other banks including DongA Bank, ACB, Techcombank, Eximbank and Sacombank, to stabilise the chaotic domestic market for gold. These banks are set to also re-open their foreign gold trading accounts.
VietFinanceNews.com – Vietnam will aim to keep the exchange rate stable until the end of the year, allowing it to move within a 1 percent band, the central bank said.
Recent fluctuation of global gold prices, a traditionally strong gold purchase by residents in the last months of the year and domestic gold speculation have added pressure on the foreign exchange market and exchange rate, the central bank said in a statement released late on Wednesday..
“The State Bank and commercial banks will continue selling foreign currencies for market intervention, meeting fully the economy’s necessary demand for foreign exchange,” it said.
VietFinanceNews.com – Vietnam foreign exchange reserve is estimated to be equal to 8 weeks of import, said Le Xuan Nghia, vice chairman of the National Financial Supervisory Committee at the meeting between the NFSC and top US enterprises on September 6.
Nghia said the figure is estimated to rise to 10 weeks of import in the following year, the local online newspaper Dau Tu Chung Khoan reported.
Forex ruling could lead to dual pricing
VietFinanceNews.com – The State Bank of Viet Nam has shown its determination to stabilise the exchange rate, ensuring a maximum change of 1 per cent for the rest of the year.
The bank justified its decision, saying that the balance of payment (BOP) surplus could reach between US$2.5 billion and $4.5 billion while foreign currency reserves have also increased significantly. In addition, the central bank has also applied many measures to curb credit growth in US dollars.
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.
VietFinanceNews.com – The State Bank of Vietnam said it will keep the U.S. dollar-Vietnamese dong exchange rate within a 1% band until the end of the year.
It also said in a statement late Monday that the country may record a current account surplus of $2.5 billion to $4.5 billion for 2011, adding that foreign currency reserves have risen significantly recently.
“In all circumstances, the central bank will be able to stabilize the exchange rate and the foreign exchange market,” the central bank said in the statement.
26/08/2011
The devaluation of the pound sterling before the close of trading in the currency market London today against the U.S. dollar and against the Japanese yen and against the euro while also declined the Financial Times to new levels .
Traders said the market of London: The pound sterling record price of $ 6268.1 $ per pound sterling and the price of 1338.1 euros and about 9300.125 yen per one pound .
Central bank raises US dollar prices
VietFinanceNews.com – The State Bank of Vietnam (SBV) on Wednesday raised the interbank average forex rate by VND10 to VND20,628 a US dollar after keeping it stable for 14 consecutive days since August 10.
This is the second hike this month after the VND10 a dollar rise on August 9 when the central bank officially approved the imports of 5 tons of gold to cool down the domestic market, extending the dong fall of 0.97 percent so far in August.
The bid and ask forex rate at the central bank’s transaction office today is VND20,600 and VND20,924 a US dollar, up 10 dong in the selling price and remaining unchanged for the buying price from yesterday.
By ERIN MCCARTHY
As global markets sell off, some emerging nations have stepped into foreign-exchange markets to prevent steeper declines in their currencies, a contrast to safe-haven countries dealing with strong gains in their exchange rates.
In recent weeks, Turkey and Indonesia have taken or forewarned of measures to curb their currencies’ slides after global growth worries sent equities sliding world-wide and investors fleeing emerging markets.
Read More: http://online.wsj.com/article/SB10001424053111903639404576520041280550836.html
August 22, The Chinese currency, the renminbi, strengthened 35 basis points to 6.3997 per U.S. dollar on Monday, according to the China Foreign Exchange Trading system.
The currency’s central parity was stronger compared to Friday’s 6.4032 fix as the greenback lost against major currencies amid fears of another recession in the world’s biggest economy.
In China’s foreign exchange spot market, the renminbi is allowed to rise or fall by 0.5% from the central parity rate each trading day.
On May 21, 2007, the central bank widened the daily fluctuation band to 0.5% from 0.3% on either side of the central parity rate.
VietFinanceNews.com – The demand for the U.S. dollar is outpacing supply, unveiling big foreign exchange risks for both enterprises and the economy by the end of the year, experts said at a conference in HCMC last week.
Le Xuan Nghia, vice chairman of the National Financial Supervisory Committee, told the conference on Thursday that dollar supply was ample now as borrowers converted their dollar debts to Vietnam dong funds. But the risk is embedded in such a situation and will pose a big risk when such debts become due by around the end of the year, he said.
VietFinanceNews.com – The State Bank of Vietnam has purchased USD4.8 billion since the beginning of the year, Governor Nguyen Van Giau has revealed.
A report by the Government, sent to National Assembly deputies who are meeting today and which did not state when the dollars were purchased, said there had been an improvement in national foreign reserves since the beginning of the year.
Last June, Giau said: “Foreign reserves have increased sharply over the past two months.”
