Dong Gains as Vietnam’s Central Bank Says Foreign Reserves Rose

August 23, 2011



Dong Gains as Vietnam’s Central Bank Says Foreign Reserves Rose



The Vietnamese dong climbed from a four-month low as the central bank said the nation’s foreign- exchange reserves have been bolstered by export earnings and remittances. Government bonds were steady.




The currency stockpile has “increased significantly, quite sufficient to intervene and stabilize the foreign-currency market in any event,” the State Bank of Vietnam said in a statement on its website today.


Higher reserves “will definitely help boost confidence in the dong,” said Lai Tat Ha, head of currency trading at Hanoi- based Vietnam Technological & Commercial Joint-Stock Bank. “It confirms the State Bank will continue to pro-actively intervene by anticipating the market’s real dollar demand.”


The dong gained 0.05 percent to 20,810 per dollar as of 3:47 p.m. in Hanoi, according to data compiled by Bloomberg. It fell to 20,820 yesterday, the lowest level since April 25.


The central bank set the dong-dollar reference rate at 20,618 today, unchanged since Aug. 10, according to its website. The local currency is allowed to trade up to 1 percent on either side of the fixing.


The yield on Vietnam’s five-year bonds was little changed at 12.57 percent, according to a daily fixing price from banks compiled by Bloomberg.


http://www.vietfinancenews.com/2011/08/dong-gains-as-vietnams-central-bank.html#more

Thanks for the info Miskebam!
Dong or Dinar please RV!!!!! Or better yet....both at the same time!