Viet Nam Devalues Dong 9% against Dollar

[Teacher Mark 53]

Updated February, 11 2011 11:18:11 Viet Nam devalues dong 9% against dollar

HA NOI – The State Bank of Viet Nam (SBV) this morning depreciated the Vietnamese dong by 9.3 per cent against the US dollar in a move to improve the liquidity of the foreign exchange market and control the trade deficit.

The nation's central bank today set its official exchange against the US dollar at VND20,693, compared to VND18,932 before.

The SBV also narrowed the daily trading band of the dong against the US dollar from plus/minus 3 per cent to plus/minus 1 per cent.

The exchange rate quoted by commercial banks from now on will crawl between VND20,486 and VND20,900 per dollar, compared to VND18,364 and VND19.499 before.

On the black market, one US dollar this morning buys VND21,500-21,700, up from VND21,350-21,450 yesterday.

The move followed market expectations after tense pre-Tet trading in both banks and the black market. One dollar on the black market fetched VND1,500-2,000 more than in banks.

Today's devaluation is the third and most significant move by the central bank since February last year. On February 10, Viet Nam depreciated the dong by 3.3 per cent and made another devaluation of 2.09 per cent on August 18 last year.

The plus/minus 3 per cent daily trading band had been in place since November 2009. The widest trading band the central bank ever applied was plus/minus 5 per cent from March 24 to November 25, 2009.-VNS

http://vietnamnews.vnagency.com.vn/Economy/208324/Viet-Nam-devalues-dong-9-against-dollar.html

[BinhJerome 14]

Mark, lets see when we get paid if our bank gives us that rate. Since I have been at VStar they have always paid 19500, right now the website shows 20,890 we will have to watch that at work a few days prior to and the day of our pay. I have learned not to put anything past them these days. Sad but true. good post

[Teacher Mark 53]

Mark, lets see when we get paid if our bank gives us that rate. Since I have been at VStar they have always paid 19500, right now the website shows 20,890 we will have to watch that at work a few days prior to and the day of our pay. I have learned not to put anything past them these days. Sad but true. good post

I looked at the headline and thought "I just got a 9% raise!"

[SuperDuper! 230]

A stockbroker friend of mine was recently "short" on the Dong.

With this 9% deval, he has decided to go "long" on the Dong.

If they back the Dong with Silver, that will make things even more interesting.

May our Dong bring much happiness and prosperity to all who ride it.

[Dau Que 6]

Any other country in the world has WORSE currency exchange rate compared to the Dong?

Sad, what a sorry **** country.

When will their 90 million people have the guts like the Egyptians? Wait, they don't have to. They just depend on the "ngoai te" (US $$) sent to them. (ha mieng, cho sung rung)

Edited February 12, 2011 by Dau Que

[JimVaPhuong 4,863]

Any other country in the world has WORSE currency exchange rate compared to the Dong?

Sad, what a sorry **** country.

When will their 90 million people have the guts like the Egyptians? Wait, they don't have to. They just depend on the "ngoai te" (US $$) sent to them. (ha mieng, cho sung rung)

There once was a bird who was injured during the winter migration, and could not fly south. Stranded on the ground while it's injured wings healed, the days grew colder and colder. A winter storm eventually arrived, sending freezing temperatures, strong winds, and a heavy blizzard. The bird was freezing to death.

A passing cow didn't even notice the bird when it paused to defecate. The cow poop landed squarely on top of the bird. Blanketed now in warm cow dung, the bird warmed up and felt much better. In fact, it was so happy at having been spared that it began to sing.

A passing wolf heard the singing bird, pulled it from the pile of steaming cow dung, and ate it whole.

Moral: Not everyone who sh!ts on you is your enemy. Not everyone who pulls you out of the sh!t is your friend. When you're happy with your situation, keep your mouth shut.

There's a good possibility that the Egyptian people will be looking at their situation a few months from now and saying "What the hell just happened to us?". If someone went to sleep on the first day of the protests, and woke up today, they might not think that a coup by the military was a good thing. The Egyptian people might possibly have asked the wolf to help them out of the pile of sh!t they were in. It's too early to wish for what they got because it's not clear yet what they've actually gotten.

[VinhBao MyTam 3]

Any other country in the world has WORSE currency exchange rate compared to the Dong?

Sad, what a sorry **** country.

When will their 90 million people have the guts like the Egyptians? Wait, they don't have to. They just depend on the "ngoai te" (US $$) sent to them. (ha mieng, cho sung rung)

Perhaps these kinds of comments belong in the Politics & Religion forum where we are supposed to keep those opinions.

[BinhJerome 14]

Perhaps these kinds of comments belong in the Politics & Religion forum where we are supposed to keep those opinions.

Pay him no mind he is just off one ban and will probably get another one before too long. He always has hated comments.

[Dau Que 6]

Pay him no mind he is just off one ban and will probably get another one before too long. He always has hated comments.

..................and I should care if that happens? You should be concerned about your own Biz, bringing your family to the States. At least "try" to be successful at that first, BEFORE acting like you know lots of things. The GREAT Jerome, who knows lots and lots of tricks and maneuvers, yet in AR.

Edited February 15, 2011 by Dau Que

[Ban Hammer 13,441]

discuss the topic and cease the bickering.