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[color:2256=##66666]Posts: 4963
[color:2256=##66666]Join date: 2011-04-20
State Bank plans to increase dong to dollar value
15/08/2011 | 11:16:11
The
State Bank of Vietnam plans to increase the value of the Vietnamese
dong against the US dollar over the next four months in a bid to protect
the value of the domestic currency, State Bank Governor Nguyen Van Binh
told Sai Gon Economic Times this week.
"Since February, the real value of Vietnamese dong has risen slightly," Binh said.
"If
necessary, the central bank will consider further adjustment of the
exchange rate," he added. "The primary target of foreign exchange policy
is to stabilise the dong and keep it under control, not to fix it.
Confidence in the domestic currency has been fading and we must
immediately restore that confidence, which is vital to economic
stability."
Binh advised the public that holding onto the dong
was the best policy to keep people from flocking to invest in gold and
to reduce dollarisation of the economy.
Strategies to protect
the dong would include deposit interest rate reform that created
predictable interest rates at levels of around 14 percent for dong
deposits and 2 percent for US dollar deposits, he said.
Recent
dollar speculation on the foreign exchange black market was a move to
take advantage of soaring global gold prices, he added.
"In
fact, the demand for dollars to pay for imports is not high, and even
petrol importers are not demonstrating a high demand for dollars," Binh
said. "The nation's foreign reserves are sufficient to offset any
imbalance in the supply of and demand for dollars."
The central
bank bought up over 4 billion USD in the first seven months of the year.
At the Consulative Group Meeting in June, the International Monetary
Fund estimated that Vietnam 's foreign reserves totalled 13.5 billion
USD, equivalent to 1.5 months of imports. On Aug. 14, banks quoted
buy/sell rates of 20,814 VND/20,824 VND per dollar, while the greenback
traded for under 21,000 VND on the black market.
On August 9, as
domestic gold prices soared to an all-time record of 46 million VND
(2,203 USD) per tael, the dollar was traded at 21,300 VND on the black
market and around 20,810 VND at banks./.
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ADMINISTRATOR
[You must be registered and logged in to see this image.]
[color:2256=##66666]Posts: 4963
[color:2256=##66666]Join date: 2011-04-20
State Bank plans to increase dong to dollar value
15/08/2011 | 11:16:11
The
State Bank of Vietnam plans to increase the value of the Vietnamese
dong against the US dollar over the next four months in a bid to protect
the value of the domestic currency, State Bank Governor Nguyen Van Binh
told Sai Gon Economic Times this week.
"Since February, the real value of Vietnamese dong has risen slightly," Binh said.
"If
necessary, the central bank will consider further adjustment of the
exchange rate," he added. "The primary target of foreign exchange policy
is to stabilise the dong and keep it under control, not to fix it.
Confidence in the domestic currency has been fading and we must
immediately restore that confidence, which is vital to economic
stability."
Binh advised the public that holding onto the dong
was the best policy to keep people from flocking to invest in gold and
to reduce dollarisation of the economy.
Strategies to protect
the dong would include deposit interest rate reform that created
predictable interest rates at levels of around 14 percent for dong
deposits and 2 percent for US dollar deposits, he said.
Recent
dollar speculation on the foreign exchange black market was a move to
take advantage of soaring global gold prices, he added.
"In
fact, the demand for dollars to pay for imports is not high, and even
petrol importers are not demonstrating a high demand for dollars," Binh
said. "The nation's foreign reserves are sufficient to offset any
imbalance in the supply of and demand for dollars."
The central
bank bought up over 4 billion USD in the first seven months of the year.
At the Consulative Group Meeting in June, the International Monetary
Fund estimated that Vietnam 's foreign reserves totalled 13.5 billion
USD, equivalent to 1.5 months of imports. On Aug. 14, banks quoted
buy/sell rates of 20,814 VND/20,824 VND per dollar, while the greenback
traded for under 21,000 VND on the black market.
On August 9, as
domestic gold prices soared to an all-time record of 46 million VND
(2,203 USD) per tael, the dollar was traded at 21,300 VND on the black
market and around 20,810 VND at banks./.
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