DRV1804 Posted August 15, 2011 Report Share Posted August 15, 2011 * State Bank of Vietnam plans to increase dong to dollar value August 15th, 2011 11:06 am · Posted in NEWS (Iraq & World Currency) Vietnam’s bank notes VietFinanceNews.com – The State Bank of Vietnam plans to increase the value of the Vietnamese dong against the US dollar over the next four months in a bid to protect the value of the domestic currency, State Bank Governor Nguyen Van Binh told Sai Gon Economic Times this week. “Since February, the real value of Vietnamese dong has risen slightly,” Binh said. “If necessary, the central bank will consider further adjustment of the exchange rate,” he added. “The primary target of foreign exchange policy is to stabilise the dong and keep it under control, not to fix it. Confidence in the domestic currency has been fading and we must immediately restore that confidence, which is vital to economic stability.” Binh advised the public that holding onto the dong was the best policy to keep people from flocking to invest in gold and to reduce dollarisation of the economy. Strategies to protect the dong would include deposit interest rate reform that created predictable interest rates at levels of around 14 percent for dong deposits and 2 percent for US dollar deposits, he said. http://www.vietfinancenews.com/2011/08/state-bank-plans-to-increase-dong-to.html Recent dollar speculation on the foreign exchange black market was a move to take advantage of soaring global gold prices, he added. “In fact, the demand for dollars to pay for imports is not high, and even petrol importers are not demonstrating a high demand for dollars,” Binh said. “The nation’s foreign reserves are sufficient to offset any imbalance in the supply of and demand for dollars.” The central bank bought up over US$4 billion in the first seven months of the year. At the Consultative Group Meeting in June, the International Monetary Fund estimated that Vietnam’s foreign reserves totalled US$13.5 billion, equivalent to 1.5 months of imports. On August 14, banks quoted buy/sell rates of VND20,814/VND20,824 per dollar, while the greenback traded for under VND21,000 on the black market. On August 9, as domestic gold prices soared to an all-time record of VND46 million (US$2,203) per tael, the dollar was traded at VND21,300 on the black market and around VND20,810 at banks. 4 Link to comment Share on other sites More sharing options...
bladowzanow Posted August 15, 2011 Report Share Posted August 15, 2011 * State Bank of Vietnam plans to increase dong to dollar value August 15th, 2011 11:06 am · Posted in NEWS (Iraq & World Currency) Vietnam’s bank notes VietFinanceNews.com – The State Bank of Vietnam plans to increase the value of the Vietnamese dong against the US dollar over the next four months in a bid to protect the value of the domestic currency, State Bank Governor Nguyen Van Binh told Sai Gon Economic Times this week. “Since February, the real value of Vietnamese dong has risen slightly,” Binh said. “If necessary, the central bank will consider further adjustment of the exchange rate,” he added. “The primary target of foreign exchange policy is to stabilise the dong and keep it under control, not to fix it. Confidence in the domestic currency has been fading and we must immediately restore that confidence, which is vital to economic stability.” Binh advised the public that holding onto the dong was the best policy to keep people from flocking to invest in gold and to reduce dollarisation of the economy. Strategies to protect the dong would include deposit interest rate reform that created predictable interest rates at levels of around 14 percent for dong deposits and 2 percent for US dollar deposits, he said. http://www.vietfinancenews.com/2011/08/state-bank-plans-to-increase-dong-to.html Recent dollar speculation on the foreign exchange black market was a move to take advantage of soaring global gold prices, he added. “In fact, the demand for dollars to pay for imports is not high, and even petrol importers are not demonstrating a high demand for dollars,” Binh said. “The nation’s foreign reserves are sufficient to offset any imbalance in the supply of and demand for dollars.” The central bank bought up over US$4 billion in the first seven months of the year. At the Consultative Group Meeting in June, the International Monetary Fund estimated that Vietnam’s foreign reserves totalled US$13.5 billion, equivalent to 1.5 months of imports. On August 14, banks quoted buy/sell rates of VND20,814/VND20,824 per dollar, while the greenback traded for under VND21,000 on the black market. On August 9, as domestic gold prices soared to an all-time record of VND46 million (US$2,203) per tael, the dollar was traded at VND21,300 on the black market and around VND20,810 at banks. Thanks for posting. Let's do it. 1 dong = $.03 is what I'm hoping for! Take care 1 Link to comment Share on other sites More sharing options...
coxcreeksc Posted August 15, 2011 Report Share Posted August 15, 2011 Good post and great news. Link to comment Share on other sites More sharing options...
DA_TRUTH Posted August 15, 2011 Report Share Posted August 15, 2011 Thanks for posting. Let's do it. 1 dong = $.03 is what I'm hoping for! Take care You won't see .01 or for that matter .03 for at least 5-7 years.....the article was mentioning that they want to increase the value to what it was 2 years ago at 18500 vnd to 1 usd 1 Link to comment Share on other sites More sharing options...
bladowzanow Posted August 15, 2011 Report Share Posted August 15, 2011 You won't see .01 or for that matter .03 for at least 5-7 years.....the article was mentioning that they want to increase the value to what it was 2 years ago at 18500 vnd to 1 usd Yeah I get it, still gonna hope just like I'm hoping for dinar at 1:1 in the NEAR future. Take care 1 Link to comment Share on other sites More sharing options...
WallyWeaver Posted August 15, 2011 Report Share Posted August 15, 2011 Wow! Thanks for the post!+1 Looks like I might need buy a little of that next month. My philosophy, at this point, is put your money just about anywhere other than the USD. 1 Link to comment Share on other sites More sharing options...
dog53 Posted August 15, 2011 Report Share Posted August 15, 2011 Sweet !!! That sounds pretty positive. Link to comment Share on other sites More sharing options...
FRUSTRATED Posted August 16, 2011 Report Share Posted August 16, 2011 Where is the best place to buy the DONG ????? Link to comment Share on other sites More sharing options...
acceb75 Posted August 16, 2011 Report Share Posted August 16, 2011 Where is the best place to buy the DONG ????? Adam and Eve???? (sorry.............. bad joke) 1 Link to comment Share on other sites More sharing options...
Caye98 Posted August 16, 2011 Report Share Posted August 16, 2011 Good news, but I expect to be holding my DONG for a long time (and probably adding to it after IQD RI/RV). Link to comment Share on other sites More sharing options...
sams401k Posted August 16, 2011 Report Share Posted August 16, 2011 Seems to be saying that the public holding onto the Dong is a good thing... I cant argue with that logic 1 Link to comment Share on other sites More sharing options...
Kevin B Posted August 16, 2011 Report Share Posted August 16, 2011 10 million dong for $600.00... I have spent more for weekends I cannot remember Link to comment Share on other sites More sharing options...
The Machine Posted August 16, 2011 Report Share Posted August 16, 2011 10 million dong for $600.00... I have spent more for weekends I cannot remember WOW your getting ripped off i got 5.5million in the past couple of months for about £200 GBP ..... thats about $320 1 Link to comment Share on other sites More sharing options...
haymon Posted August 16, 2011 Report Share Posted August 16, 2011 My local bank can get me Dong, plus Wells Fargo can get it, maybe others. The tellers think I'm a world traveler. Buying it for a trip. Rates are good compared to some of the websites. Link to comment Share on other sites More sharing options...
mrref Posted August 16, 2011 Report Share Posted August 16, 2011 OMG HERE COMES THE GURU'"S Link to comment Share on other sites More sharing options...
OKLAHOMA Posted August 16, 2011 Report Share Posted August 16, 2011 I purchased dong from www.ezforex.com they were great! They use to sell dinar I bought some dinar from them but they quit selling the dinar, just dong now. 1 Link to comment Share on other sites More sharing options...
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