Skip to comments.Vietnam weakens dong by 1 pct against dollar
Posted on 06/27/2013 8:23:17 PM PDT by TexGrill
HANOI, June 27 (Reuters) - Vietnam is weakening the mid-point rate for trading its currency on the interbank markets by 1 percent to 21,036 dong per dollar as of Friday, from the 20,828 level used so far this year, the central bank said.
"The adjustment is aimed at reflecting more accurately supply/demand on foreign currencies, contributing to stabilising the foreign exchange market," the State Bank of Vietnam (SBV) said in a statement late Thursday announcing the mid-point rate change.
Dollar/dong transactions can move in a band of plus or minus 1 percent around the midpoint set daily by the central bank. With the new midpoint taking effective on Friday, that means within a range of 20,826 and 21,246 dong per dollar.
The central bank had kept the mid-point rate at 20,828 since Dec. 24, 2011.
The biggest devaluation of the inconvertible dong in the past few years was on Feb. 11, 2011, when the SBV trimmed 8.5 percent off the value to counter a widening gap between official and black market rates.
Bankers said they had expected the central bank to allow the dong's depreciation due to difficulties in buying dollars on the interbank markets since late May.
"For banks, it reflects exactly what they are expecting. We could consider it good news for banks," said economist Dinh Tuan Minh at Hanoi-based Military Bank.
(Excerpt) Read more at reuters.com ...
They still prefer the home-growns to North Koreans, though. In that country, the big missile is a “No-Dong.”
They don’t weaken my dong. Send me one. I’m ronery.
A weak dong is no dong.
“You got girl ‘fren Vietnam”? From ‘Full Metal Jacket’ of course!!
i bet thailand doesn’t have weak dongs.
Yep!! “Me suckee-suckee. Me love you to much”. Great movie huh?
Dude, you should never do anything to weaken your dong!
Video of strong dong man.