November 6, 2011
Legislators say all depositors at banks should be protected A draft law plans to restrict deposit insurance to local currency deposits only, sparking concerns of a mass withdrawal of dollars from banks. According to the National Assembly’s Economic Committee, it’s necessary to stop providing insurance cover for foreign currency deposits to support the government’s policies [...]
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June 22, 2011
As of June 10, credit had expanded 7.05 percent compared to the end of last year The central bank has increased its foreign exchange reserves due to an improving trend in the balance of payments and recent measures to support the local currency, Governor Nguyen Van Giau said. It had not been easy to increase the [...]
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June 13, 2011
The central bank has recently introduced a series of new rules to support the local currency A stabilized currency market has allowed the State Bank of Vietnam to buy 1.2 billion US dollars in May for its foreign exchange reserves. A report published on the government website Saturday says the central bank had already made [...]
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January 8, 2011
A customer fills out a money transfer form at a Western Union outlet in Ho Chi Minh City. Overseas remittances to Vietnam reached a record high of more than US$8 billion last year, an unexpected increase of 25.6 percent over 2009. In December alone, the inflow was $770 million, according to the central bank’s foreign [...]
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January 11, 2010
Vietnam plans to sell VND1.5 trillion (US$81 million) of local-currency notes on Jan. 15, its first sale of Treasury bonds this year. The government will sell VND500 billion each of securities maturing in two-, three- and five-years, according to a statement from the Ministry of Finance. Vietnam plans to select underwriters for the offer on [...]
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November 30, 2009
LookAtVietnam – International organizations have released reports lauding the decision by SBV to adjust the dong/dollar rate and basic interest rate. The International Monetary Fund (IMF) considers the move by SBV to be a positive signal about the government’s determination to tackle macroeconomic risks. “I think the decisions that they have announced … signal that they [...]
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November 27, 2009
A bank staff counts US dollar notes at an Asia Commercial Bank branch in Ho Chi Minh City The central bank has devalued the dong and raised interest rates earlier than expected in an attempt to rein in accelerating inflation and a widening trade deficit that is eroding confidence in the local currency. The State [...]
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September 8, 2009
VietNamNet Bridge – Economists believe that widening the VND/US$ exchange rate trading band now would help ease dollar hoarding and boost exports. Will devaluing the dong rescue exports? In its assessment of export prospects, The National Socio-economic Forecast and Information Centre (NSFIC) has predicted continued unsatisfactory export performance if the State Bank of Vietnam does not [...]
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September 2, 2009
LookAtVietnam – Larger volumes of liquidity provided by authorities and positive reactions from market participants have stabilised the forex market. Market participants are now all rowing in the same direction LookAtVietnam – Larger volumes of liquidity provided by authorities and positive reactions from market participants have stabilised the forex market. According to an Eximbank source, [...]
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April 9, 2009
Commercial banks now have a surplus of US dollars as businesses prefer to borrow dong-dominated subsidy loans to benefit from both lower interest rates and protection from foreign exchange fluctuations, bankers said. Bui Thi Mai, general director of Hanoi-based Habubank, said, âWe find it hard to attract customers to dollar-dominated loans as most of them [...]
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