Nov. 26 (Bloomberg) -- Vietnam’s dong fell to a record low after the central bank devalued the currency to curb quickening inflation and a widening trade deficit. Stocks dropped and headed for the worst week since October 2008.
The State Bank of Vietnam yesterday set the reference rate for today’s trading 5.2 percent lower at 17,961 against the dollar, after the difference between spot and black-market rates widened to the most in a decade. The dong has fallen 5.4 percent this year, set for a second annual decline.
“The central bank is trying to regain control of the foreign-exchange market by stepping up with an aggressive approach to stop the drift in the unofficial market rate,” said Fiachra MacCana, managing director and head of research at Ho Chi Minh City Securities Co.
The dong declined 3.3 percent to 18,488 against the dollar as of 3:41 p.m. in Hanoi, according to data compiled by Bloomberg. It earlier traded as low as 18,500, 3 percent weaker than the reference rate. The central bank yesterday narrowed the daily trading band to 3 percent from 5 percent to limit moves.
LINK HERE
Hey maybe Viagra can get that Dong back up!
ReplyDeleteI hope the Vietnam Government takes a "hands off approach" in this matter.
ReplyDeleteStimulating the Dong could have messy consequences.
Sorry, but this is some funny stuff? Is it really called a dong? Why wasn't this featured on Beavis and Butthead?
ReplyDeletePriceless.
The State Rothschild Bank of Vietnam set the reference rate lower.
ReplyDeleteWe may have lost the war but we left them a very nice bank. Like leaving a Black Widow in their bed.
ReplyDeleteExactly what the British did with us. Hence we never really won the war for independence. 7/4 is a sham.
ReplyDeleteHappy thanksgiving EA.
ReplyDeleteThere is no such thing as The State Rothschild Bank of Vietnam, DONG.
ReplyDeleteStimulate it.
ReplyDelete1:32 - It might has well be called that; the NM Rothschild banking cartel has a hand in everything they do via their Singapore representatives and investors. Do your research. They run it ALL.
ReplyDeleteAnn at 11:46 that was very good...there is hope for me yet
ReplyDeleteIt should be pointed out that the Rothschilds were not opening involved (they always have hidden involvement in ALL banking) in Vietnam's banking until March of this year.
ReplyDeleteOnce they get their fingers in there it is all over, like parasites.
They don't run it ALL. You are making statements you can never back up based on speculation.
ReplyDeleteConfucius say: man who devalue dollaw get short dong.
ReplyDeleteYou are right 4:17. I am sure the world's predominant bankster family doesn't have their fingers in everything. Wars. Bombs. Government overthrows. Food control. Vaccines. Religions. Fake global carbon tax. Fiat currency frauds. Profits. Dooh! Their wealth is estimated to be 275 to 450 trillion. Nah, they are nobodys. Pay no attention to them.
ReplyDeleteI do believe you said they RUN IT ALL, and they have a hand in everything Vietnam does. And you throw around a bankers name because you read about it on the internet. Yeah, they are powerful, and they have their greedy hands in places they should not believe, but you are taking it one step too far and blindly assuming that, not only every negative thing that happens is a result of them, but apparently every decision ever made is a result of them. Phew, someone needs to chill out on the coffee conspiracy pages.
ReplyDelete