March 25, 2011
A staff member counts US dollar notes at a bank in Ho Chi Minh City The dong has strengthened against the dollar and dollar-denominated deposits have increased over the past week after the central bank clamped down on foreign exchange transactions in the unofficial market. On Thursday, the dollar traded at Vietcombank at VND20,865, down [...]
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January 27, 2010
LookAtVietnam – People will have their foreign currencies temporarily seized if they sell money to gold shops, the State Bank of Vietnam has warned. The demand for selling and purchasing foreign currencies is increasing in the kieu hoi (overseas remittance) season. People don’t want to sell kieu hoi to banks, why? Overseas remittance service companies all [...]
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December 25, 2009
LookAtVietnam – Deputy director of the Market and Price Research Institute Tran Dinh Anh sees the appreciating dollar as positive news for Vietnam. Deputy director of the Market and Price Research Institute under the Ministry of Finance Tran Dinh Anh In an interview given to Thoi bao Kinh te Saigon, Anh said: Thoi bao Kinh te [...]
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December 24, 2009
LookAtVietnam – Though the State Bank of Vietnam has applied stable interest and exchange rate policies in 2009, the market still see-sawed at times. Monetary policies stable For 2009, monetary policies became more stable than in 2008, when policies were adjusted regularly. In 2008, the basic interest rate was adjusted eight times, the compulsory reserve ratio [...]
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December 16, 2009
Many businesses have borrowed foreign currencies to enjoy low interest rates. However, in many cases, the foreign currency loans have done more harm than good. Nguoi Lao Dong looks at the case of Pha Lai Thermopower Company, which has suffered big losses, not because of the bad business performance but because they got hammered by [...]
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December 15, 2009
LookAtVietnam – The supply and demand of dollars is still far from balanced, despite strong commitments by SBV and commercial banks to sell dollars and stabilize the market. SBV has committed to sell foreign currencies to banks with shortages of minus five percent and higher. Meanwhile, the eight largest commercial banks have committed to sell [...]
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December 3, 2009
LookAtVietnam – The dollar price has decreased following a commitment by Vietnam’s eight biggest commercial banks to provide enough dollars to the market. The banks have committed to meet the legitimate demand for foreign currencies from individuals (such as persons needing foreign currencies to use when going abroad to study or get healthcare), and from [...]
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December 1, 2009
LookAtVietnam – Almost a week after the central bank raised the official dong/dollar exchange rate, the foreign currency market has begun cooling down. On November 30, the interbank exchange rate had eased by five dong per dollar to 17,956 dong. Commercial banks were selling the dollar to customers at 18,495 dong per dollar, the maximum [...]
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November 27, 2009
A bank staff counts US dollar notes at an Asia Commercial Bank branch in Ho Chi Minh City The central bank has devalued the dong and raised interest rates earlier than expected in an attempt to rein in accelerating inflation and a widening trade deficit that is eroding confidence in the local currency. The State [...]
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November 26, 2009
LookAtVietnam – Nguyen Van Giau, head of the central bank, says Vietnam has only adjusted the exchange rate and basic interest rate. That’s not a devaluation. Governor Nguyen Van Giau said that Vietnamese enterprises have imported 6.8 tonnes of gold in the last ten days. Eleven enterprises have been licensed to import gold, including three [...]
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