28.06.2013 - Vietnam devalues its currency, the dong, to aid economy
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
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