July 27, 2009
As commercial banks now do not have dollars to sell to import companies, they have advised the companies to make payments in other currencies. The State Bank of Vietnam has strictly prohibited commercial banks from collecting additional fees on dollar sales, by which method they were selling dollars at higher than allowed price levels. Meanwhile, [...]
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April 7, 2009
LookAtVietnam – The widening of the dollar trading band, which was thought would depreciate the VND and help export companies, has had quite a different effect. Import companies have been experiencing more and more difficulties. Automobile import companies had not yet recovered from the VND/US$ exchange rate increases when the luxury tax law became effective [...]
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April 3, 2009
The VND/US$ exchange rate in the interbank market has been decreasing in the last few days, while the rate in the black market also decreased on April 2. The VND/US$ exchange rate in the black market in Hanoi on April 2 afternoon unexpectedly dropped to VND17,800-17,830/US$1 (purchase and sale), down by VND10/US$1 over the morning, [...]
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March 2, 2009
Commercial banks have slashed US$ deposit and lending interest rates as the demand has become weaker. While commercial banks’ US$ capital has become more profuse after a period of intense mobilizing from the public, the demand for US$ loans has become weaker as businesses prefer borrowing VND loans under the 4% interest rate subsidy program. Besides, [...]
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