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Vietnam: Exchange rate changes likely as dong up

5/20/2012

5 Comments

 
Vietnam: Exchange rate changes likely as dong up
 MAY 20, 2012

VietFinanceNews.com – The Vietnamese dong currency is rising, so exchange rate adjustments may be in store, said economic experts of the National Institute for Finance at a conference in Hanoi last week.

According to analyses by experts, the dong has strengthened by 23.8%
against the U.S. dollar and by 5.7% against the basket of currencies of the country’s major trading partners.

The exchange rate has stayed quite stable on the market as exporters have steadily sold the U.S. dollar to banks. The dong and dollar selling prices at times are on a par with or even lower than those set by the State Bank of Vietnam.

The greenback has been in decline against other currencies in recent years, leading to the lower rise of the dong against the basket of hard currencies.

However, according to experts, the pressure of stabilizing the exchange rate still remains a challenge for policymakers.

Inflation is seen falling towards the year-end given tight monetary and fiscal policies. The State Bank of Vietnam may be forced to adjust the exchange rate slightly to support export, reduce trade deficit and improve the balance of payments and foreign reserves.

After the exchange rate was adjusted last February to make the dong drop by 8.5% against the U.S. dollar, the rate has been kept unchanged since then.


5 Comments
GURU Donger
5/20/2012 07:01:37 am

Sounds like a bunch of DING DONG TO ME .

Reply
www.mymorinda.com/2706893 link
5/21/2012 12:41:15 am

Lol.... That's funny! I wonder: "why would the dong ever revalue?" Its been inactive for how long? Interesting! We are invested in this as well but don't understand why it would be worth something.

Reply
Tracy Gill
5/23/2012 12:35:25 am

DING DONG! THE RATE IS GONE, THE RATE IS GONE! DING DONG THE WICKED RATE IS GONE!!!!!!!

Reply
Equity Market Tips link
3/29/2016 12:21:52 am

I really appreciate this blog is very informative; I have come to know here many new points about exchange rate.

Reply
Juliana link
5/9/2019 07:24:45 pm

Its been quite volatile lately!

Reply



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