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Vietnam dong falls again against US dollar DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Vietnam dong falls again against US dollar

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Vietnam dong falls again against US dollar Empty Vietnam dong falls again against US dollar

Post by lexie Sat Oct 22, 2011 2:21 pm

October 22, 2011


Vietnam dong falls again against US dollar

The State Bank of Viet Nam continued its incremental devaluation of the Vietnamese dong, adjusting the interbank exchange again yesterday by yet another VND10 to VND20,748 per US dollar.

The ceiling rate for commercial bank was set at VND20,955 per dollar. Vietcombank, the Bank for Investment and Development (BIDV) and Asia Commercial Bank all increased their sell rates to the same figure.


The dollar rose more dramatically yesterday on the black market, spiking by VND80 to VND100 over the previous day to buy/sell rates as of 4pm yesterday of VND21,680/VND21,730. Since the beginning of the past week, the greenback has surged by VND300 on the black market.


Vietinbank deputy general director Le Duc Tho said that the adjustments were part of the central bank's plan to create flexibility for the forex market based on real supply and demand. In the long term, he said, the State Bank aimed to provide a stable domestic currency while curbing inflation.


National Financial Supervisory Commission vice chairman Le Xuan Nghia told Sai Gon Economic Times that a significant rise in the nation's foreign currency reserves, along with a surplus of about US$4 billion in the country's balance of payments this year – the first year to see a surplus since 2007 – would help stabilise the forex market.


Meanwhile, domestic gold price rose again yesterday despite a decline in the global price. At 4pm yesterday, Sai Gon Jewelry Co Ltd posted buy/sell prices of VND43.15 million ($2,065) and VND43.47 million ($2,080) per tael, VND350,000 per tael higher than on Thursday. (One tael is equivalent to 1.2 ounces). At the same time, the world spot price on the London Bullion Market was $1,620.30 per ounce.


http://www.vietfinancenews.com/2011/10/vietnam-dong-falls-again-against-us.html#more



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lexie
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Vietnam dong falls again against US dollar Empty Re: Vietnam dong falls again against US dollar

Post by 1alaskan Sat Oct 22, 2011 9:09 pm

How many days till it hits a low of 21,000, or even 22,000

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Vietnam dong falls again against US dollar Empty Re: Vietnam dong falls again against US dollar

Post by tinker Sat Oct 22, 2011 9:22 pm

This should come as no surprise, despite what you've been told on web sites. A week or 10the days ago Vietnam made press release to this very fact.... oh but some said it was smoke and mirrors....not either now was it? Did you buy some on the impending increase some eluded to? So sorry, cashews and cheap stale labor wasn't enough.

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Post by 1alaskan Sat Oct 22, 2011 9:28 pm

No I bought some in the past month or so as we had none. Local Wells Frago sells it, it is cheap, thought we had enough IQd and I quit gambling right after the '86 world series, and I think with China getting the heat over their currency value, that maybe, just maybe it would RV.



Got spend it on something. Too much wine gets me in trouble

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

Remember as always, JMHO
Rantings from just north of sixty

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Post by tinker Sat Oct 22, 2011 9:34 pm

Well it is inexpensive. Not like a 10 million dinar reserve. It may come around someday...and if go there on vacation you have some cash.... enjoy.... read more stuff too.

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Post by 1alaskan Sat Oct 22, 2011 9:38 pm

Funny you mention the vacation there, the girl at the bank ask my wife when we where going. My wife, looks at her as says, Where?



But we do have a couple of friends from there, so worst case, sell it to them.

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

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