Central bank looks to stabilize exchange rateThe Saigon Times Daily HCMC – Though the domestic currency is getting firmer against the U.S. dollar, the central bank aims to stabilize the exchange rate to support exports, Nguoi Lao Dong newspaper reported. The U.S. dollar-Vietnam dong exchange rate is forecast by a Standard Chartered research group to ease to around VND22,650 in quarter two and VND22,600 at the end of the year, largely owing to the greenback’s devaluation against major currencies over the past several weeks. A senior official of the central bank was quoted by the newspaper as saying that with record foreign reserves of nearly US$55 billion and the continued buying of foreign currencies in the past days, the central bank is capable of interfering in the market and keep the exchange rate stable. The central reference rate on Monday was VND22,426 to the dollar, allowing banks to trade the greenback within a band of 3% either side. The dollar price quoted … [Read more...] about Central bank looks to stabilize exchange rate
Laos exchange rate
VietNamNet Bridge - The Vietnamese finance market has been shaken by a number of events in recent days. Like the global market which tumbled on August 12 because of China’s decision to devalue the yuan, the stock market has been volatile as the State Bank has widened the trading band by one percent to two percent. The exchange rates applied by commercial banks can be no higher or lower than two percent than the official dong/dollar interbank exchange rate announced daily by the State Bank. Soon after the announcement was released, the dollar price soared, exceeding the VND22,000 per dollar threshold. Nguoi lao dong commented that Vietnamese securities investors did not remain calm amid the rapid-fire bad financial news. As investors hurried to sell stocks, the stock market witnessed a gloomy trading session on August 12 with the VN Index of HCM City Stock Exchange (HOSE) dropping by 8.81 scores, or 1.44 percent, to 604.24 scores and the HNX Index dropping by 1.3 … [Read more...] about Bourse staggers as exchange-rate widens, gold soars on yuan devaluation
VietNamNet Bridge - The US dollar prices have been stabilized and decreasing over the last month. Most experts, both foreign and Vietnamese, believe that the dong/dollar exchange rate will be stabilized towards the end of the year, though they still can see risks. … [Read more...] about What will be the exchange rate like by the year end?
The State Bank of Vietnam on December 14 unexpected devaluated the dong by another 0.05 percent after the 40-day period of keeping the dong value unchanged. However, people still keep calm with the move. As such, the dong has lost 0.9 percent of its value since September 7, 2011, when the State Bank made the commitment not to devaluate the dong by more than one percent until the end of the year. The latest adjustment of the dong/dollar exchange rate is not big, and the dong devaluation level is still within reach. However, the move by the State Bank has also caught the attention from the public because it roused the long lasting quietness. Right after the new official exchange rate was announced, commercial banks have quoted new dollar prices with the sale prices having been pushed up to the new ceiling levels of 21,021 dong per dollar. Meanwhile, the Bank for Investment and Development of Vietnam BIDV and Eximbank have both raised the buy price to 21,000 dong per dollar. … [Read more...] about SBV adjusts exchange rate once more, but market keeps stable
Ashok Sud, Chief Executive for Standard Chartered Bank in Vietnam, Laos and Cambodia, said Vietnam should continue to tighten monetary policies in 2010 to reduce inflation pressures when he remarked on Vietnam's economy at a talk with Vietnam Business Forum. Could you share your viewpoints on global economic prospects in 2010? The world economic outlook in 2010 is quite bright but also there are still many challenges confronting governments, policymakers and businesses. The world economic prospect will depend largely on performances of developed economies such as the United States, Europe and Japan, and on actions of consumers because developed economies make up two thirds of total global GDP, estimated at US$61,000 billion in 2009, and consumer purchasing power has no signs of sustainable recovery, and this is especially important for exporting companies in Asia. The second aspect originates from Asian economies where economic growth in four countries of China, India, Indonesia and … [Read more...] about “Vietnam Can Control Exchange Rate”