Dinar Daily
Welcome to Dinar Daily Discussions.

Logging in with your USERNAME allows you to participate in discussions, see what has recently been posted, and other options. Guests have limited abilities.

We are NOT a guru forum. We are a dinarian forum. The opinions expressed on the forum do not reflect the of opinion of Dinar Daily specifically, but rather reflect the views of the individual posters only.

Disclamer:

We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."




Join Us for Dinar Discussions and More -- We Keep it REAL
 
HomeSearchFAQLog inRegister
YOU MUST Sign in with your USERNAME to POST
Follow us on TWITTER
DINAR INFORMATION LINKS

PARTNER SITES
Key Words
Adam Montana, AdminBill, Benjamin Fulford, Currency Exchange, David Schmidt, Dinar, Dinar Guru, Dinar Recaps, Dinar Rv, Dinar Scam, Dr Clarke, Frank26, Gary Larrabee, Gurus, Guru Hunters, JerzyBabkowski, Kaperoni, Kenny, Monetary Reform, Mnt Goat, My Ladies, Okie, Poppy, RamblerNash, Ray Renfrow, Redenomination, Revaluation, Ssmith, TNTBS, Tnt Tony, WING IT, We Are The People, Willis Clark, WSOMN, Yosef, Zap
Share | 
 

 VIETNAM - Enterprises Buys Dollars at VND21,600

View previous topic View next topic Go down 
AuthorMessage
lexie
Elite Member
Elite Member
avatar

Posts : 1812
Join date : 2011-06-24

PostSubject: VIETNAM - Enterprises Buys Dollars at VND21,600   Fri Nov 11, 2011 9:00 pm

November 11, 2011


Enterprises Buys Dollars at VND21,600

Local enterprises were forced to purchase dollars at as much as VND21,600, VND200/USD higher than in the free market to serve high import demand and settle their maturing dollar-denominated loans at year end, the local newspaper Nguoi Lao Dong reported.


Local lenders’ dollar supply mostly comes from the State Bank of Vietnam, local enterprises or remittances, the newspaper said. However, the central bank only provided commercial banks with sufficient amount to resell to enterprises for necessities imports. In addition, banks can barely attract dollar inflows from remittances as the majority of remittance receivers preferred selling dollars in the free market at higher prices. Domestic firms with dollar resources also refused to sell the foreign currency at banks’ quoted prices.


Therefore, local banks had to buy dollars at above listed prices to attract the foreign currency, resulting in much higher dollar prices for firms in need.


Besides, bank staffs were also reported to advise enterprises to buy dollars in the free market and sell to banks. These banks then sold dollars back to customers to legalize the amount. The move was to dodge the government’s regulation, specifying that local enterprises were not allowed to deposit non-source dollars into their accounts for import settlement.


http://www.vietfinancenews.com/2011/11/enterprises-buys-dollars-at-vnd21600.html#more


*****************
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
Back to top Go down
View user profile
1alaskan
Elite Member
Elite Member


Posts : 4668
Join date : 2011-06-21
Age : 34
Location : Planet far far away

PostSubject: Re: VIETNAM - Enterprises Buys Dollars at VND21,600   Sat Nov 12, 2011 4:33 am

It finally broke the 21k price point

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty
Back to top Go down
View user profile
 
VIETNAM - Enterprises Buys Dollars at VND21,600
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Dinar Daily :: OTHER INVESTMENTS :: OTHER CURRENCIES - DONG - ZIM - YUAN - etc-
Jump to: