Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

VIETNAM - Enterprises Buys Dollars at VND21,600 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

VIETNAM - Enterprises Buys Dollars at VND21,600

2 posters
Post new topic   Reply to topic

Go down

VIETNAM - Enterprises Buys Dollars at VND21,600 Empty VIETNAM - Enterprises Buys Dollars at VND21,600

Post by lexie 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"
lexie
lexie
Elite Member
Elite Member

Posts : 1812
Join date : 2011-06-24

View user profile

Back to top Go down

VIETNAM - Enterprises Buys Dollars at VND21,600 Empty Re: VIETNAM - Enterprises Buys Dollars at VND21,600

Post by 1alaskan 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

1alaskan
Elite Member
Elite Member

Posts : 4668
Join date : 2011-06-21
Age : 39
Location : Planet far far away

View user profile

Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You can reply to topics in this forum