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Vietnam dong depreciates by less than 3pct in 2012: Governor

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Vietnam dong depreciates by less than 3pct in 2012: Governor

Post  lexie on Thu Jan 12, 2012 11:54 am

January 12, 2012

Vietnam dong depreciates by less than 3pct in 2012: Governor

The dong will not depreciate by more than 2 to 3 percent this year, State Bank of Vietnam Governor Nguyen Van Binh told a press briefing Wednesday.

With the country’s export turnovers continuing to rise, and Vietnam expected to enjoy a balance of payment surplus of several billion US dollars, there will not be much cause of concern for the foreign exchange rate, Binh told reporters.

He added that with the deposit interest rate of the dong at 14 percent a year, depositors of the domestic currency will have more benefit than those saving in US dollars, which currently receive a 2-percent interest rate.

“The central bank guarantees and ensures that dong deposits are more profitable than deposits in US dollars,” the governor promised.

Earlier, in a report released on January 9, the National Committee for Financial Supervision forecast that the foreign exchange rate can slide within a range of 5 to 6 percent.

Also at the meeting, Binh said in the first quarter of this year the central bank is likely to green-light around five to eight banks to be merged or acquired, under the second stage of its former plan to restructure the banking system last year.

“Whether the mergers or acquisitions will take place or not depend on the internal factors of the banks,” Binh said.


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