Fri, Oct 24, 2014
A A A
Welcome kbr175@gmail.com
RSS

Commodities Briefing - Categorized | Environmental Trading more

Vietnam devalues its currency, the dong, to aid economy

Posted on 28 June 2013

Vietnam decided to devalue its currency 1% versus the dollar and cut the ceilings on deposit rates in an effort to give momentum to economic growth. The State Bank of Vietnam said in a statement the devaluation of the currency, the dong, is meant to improve the country’s trade balance and boost state foreign-exchange reserves. Effective Friday, one dollar will bring 21,036 dong, compared with 20,828 dong now, the level since November 2011.
The central bank said it will also lower the interest-rate ceilings on short-term dong-denominated bank deposits to 7.0% from 7.5%. That will reduce banks’ funding costs, allowing them to lend at lower rates………………………………………..Full Article: Source


 Article link

This post was written by:

VRS - who has written 37629 posts on Opalesque Commodities Briefing.


Contact the author

Comments are closed.

banner
October 2014
S M T W T F S
« Sep    
 1234
567891011
12131415161718
19202122232425
262728293031