Why can't the other currencies RV first? Why are we waiting on Iraq?

[lupine49]

Why are we waiting on the Iraqi Dinar to RV before any other currency RV's?   Why can't the Dong or any other currency RV first?

What makes the Dinar so important?

[JMULS31]

I've been asking that same question

[rulesforrebels]

countires just dont revalue their currencies, it just doesn't happen that's why. ive yet to hear of a rv happening in recorded history

[R2D2]

Why are we waiting on the Iraqi Dinar to RV before any other currency RV's?   Why can't the Dong or any other currency RV first?

What makes the Dinar so important?

Very GOOD question. I am waiting in shadows for an answer. Thank You for asking.

[rightsonword]

I'm guessing because the whole "basket of currencies rv'ing" rumor is a lie.  And don't expect the Dong to appreciate in value anytime soon. Vietnam has terrible financials.

[millionaire in training]

No one really has any concrete updated information on the VND.

Its like everyone is just waiting to hear something, anything but...........nothing.

[sxsess]

I hope I'm wrong but IMO this RV thing might never happen. Sorry to be negative but things have not worked out in the time frames with even the credible people. Like I said before, I just thank God this is just one of many investments I am in. So far all have worked out on a % basis, except one.  

[stealthwarrior]

• Nobody can give us the answer because nobody knows the answer to that.there may never be an RV of any currency.

[Luigi1]

The way it was explained to me, the other currencies in the same basket of RV such as the Vietnam Dong are invested in the IQD as part of their assets to be Basil III compliant.

 

It's like a domino affect. The IQD must fall first because it has the greatest potential to carry the other currencies including the USD.

 

• Nobody can give us the answer because nobody knows the answer to that.there may never be an RV of any currency.

 

 

 

An old Ringling Brothers saying "one monkey don't stop no show"

 

Yes it does. Maliki is holding up the entire global reset playing his games.

 

Maliki is one monkey stopping a show & a damned good monkey at that.

 

 

wise words of advise...

A wise money

is a monkey

that don't money around

with another money's monkey.

Edited May 13, 2013 by Luigi1

[rulesforrebels]

other currencies are not going to rv. how many rv's have happenned in the last 10 years let alone the last 100 years? actually has their ever been an rv in history you can point to?

 

other currencies float up and down as their ecnomies get stronger and weaker but rv's do not happen.

[jeepguy]

if I remember right   didn`t the Singapore currency raise it`s value with in the last two years ?    it was at - under a dollar and valued higher than the dollar after ,   so I do believe the dinar will get some value back , it may not be the 3.oo range , it might just get to 50 cent mark  but that would still be a very good sell rate

[sandfly]

YEP

[keepmwlknfny]

All countries are seperate from eachother.....there isnt one waiting for the other, and if you believe there is a basket of currencies set to revalue, I have a rocky mountain home down in Miami that I am trying to sell!!

[gymrat76541]

I am not waiting for any other currencies except the dinar. I believe it will revalue. Le the other big money guys invest in other countries. GO RV

[ALBUNDY]

  BUSINESSES GOT BANKRUPTED; BUSINESSMEN turn into hired workers, gardeners

 

 

 

07/05/2013     14:00

 

 

 

VietNamNet Bridge – A lot bosses have become hired workers in the  economic crisis, many businessmen have become penniless, and many millionaires  have returned to their home villages to work on the rice fields.

 

Getting home after a hard working

 

day, Nguyen Vinh Quang in Hai Ba Trung  district in Hanoi, had dinner in a hurry, because he needed to take a short  sleep before he got up early the next morning and went to work.

 

 

Quang,  now a construction worker, was a director of a construction company 3 months  ago. He was so proud of becoming a director of a company with 20 workers.  However, his business collapsed in the economic recession, and the director has  become a hired worker.

 

 

The business was set up by Quang and his wife 3  years ago, after a long period of working hard and saving money. At first, Quang  needed 20 workers to handle the contracts he got.

 

 

However, the number of workers then was cut to 10 because of fewer orders. Finally, Quang had to declared the bankruptcy because his partners did not pay debts. He has no job and had no money to pay to workers, even though he had sold the assets of the company.

 

 

Bui Tien Minh was once the director of a law office on Tran Duy  Hung Street. But he isn’t now. Minh has just closed down the family run firm and  gone working for others.

 

“Fewer contracts have come since mid 2012, while  partners have left us. Meanwhile, I had to pay VND10 million a month for the  office rent and tens of millions of dong to workers,” Minh said, explaining why  he had to close down the office.

 

“The clients now try to cut down  expenses; therefore, they tend to cut down expenses on legal services. They  would say goodbye to use cheaper services, even if they sign contracts with you  already,” he complained.

 

Now Minh has to be satisfied with his new job at  another private law firm, while his wife works for a printing company in  Hanoi.

The local people in the northern province of Hung Yen all know the  stories about a famous couple who now work as the gardeners in the  locality.

 

 

In the morning, when the clock alarms at 5 am, Tran Van Dam  wakes his wife up, then have breakfast and go working. Their “office” now is a  500 square meter orchard, where they grow oranges.

 

The couple of  gardeners have been well known in the locality because they were never the  gardeners before, and they had never done such as work until the day they moved  there.

 

 

Previously, Dam was the director of a company which distributed  building materials, His wife, Lan, after finishing the Finance University,  became the assistant to him at the company.

 

However, since the business  performed badly, the company got dissolved.

“I signed a contract with a  company on supplying bricks to its ongoing project. I put all my capital into  the affair. However, the company could not make payment for the products. In  early 2012, the company declared bankruptcy, while I never can claim the money  back,” he explained.

 

 

Since the relatives and banks refused to provide  loans, Dam could not resume his business. They decided to return to the home  village and become farmers.

 

“I have never done farming before. The work  is really too hard for me,” Dam complained.

 

 

 

 

THE LINK : http://dongtalk.com/2013/05/08/businesses-got-bankrupted-businessmen-turn-into-hired-workers-gardeners/

 

 

Vietnamese labor force is cheap or expensive?

 

13/05/2013     08:00

 

VietNamNet Bridge – The Richest has put Vietnam into the list of the five  markets with the cheapest labor cost in the world with $0.39 per hour. However,  the actual labor cost could be higher.

 

 

The salary and the income

 

With the average pay of $0.39 per hour as reported by The Richest, every  Vietnamese worker receives VND1.687 million a month for a 8-hour working day and  26 working days a month. The level is equal to the minimum wage being applied in  the region 4 (VND1.650 million).

 

The Region 4 is the remote and underdeveloped area. Meanwhile, the other  regions (1,2 and 3) have the minimum wages of VND2.35 million a month.

 

However, the pay mechanism in Vietnam is quite complicated. There exist the  big differences between the minimum wage and basic wage and the laborers’ income.

 

Minimum wage is understood as the floor wage set up to protect the laborers  in disadvantageous conditions. It has been referred to when calculating the  social insurance premiums enterprises and laborers have to pay.

 

Basic wage is calculated by the product of the minimum wage and the  coefficient, plus allowances (lunch fee, petrol for motorbikes and telecom  fees…).

 

Meanwhile, income means the total sum of money a laborer can receive from the  employers, which comprises of the wages, extra income from extra working hours,  allowances.

 

As such, in fact, the enterprises in Vietnam have to pay to their workers  higher than the level reported by The Richest.

The latest report of the Vietnam Labor Union released after a survey in 10  cities and provinces in June and July 2012 showed that the average total income  of every laborer was VND3.623 million a month.

 

The actual income of laborers in Region 1 (big cities) was VND4.232 million a  month. The figures were VND3.787 million in Region 2, VND3.495 million in Region  3 and VND3.001 million in Region 4.

 

The average wage paid to Vietnamese laborers is on the rise. The Ministry of  Labor, War Invalids and Social Affairs (MOLISA) is now consulting relevant  ministries on the plan to increase the minimum wage from now to 2017. It is  expected that the average minimum wage would increase by 15-23 percent per  annum.

 

Every time when the minimum wage increases, the labor cost would increases  accordingly.

 

 

Vietnam pays heavy price for cheap labor force

 

Le Xuan Thanh, Deputy Head of the Labor and Wage Policy Department under  MOLISA, noted that the low labor cost policy pursued by Vietnam in the last many  years helped much in attracting investment.

 

However, the wage ground has been continuously heightened since 1993 with 11  adjustments made. This shows that the policy on maintaining the low wages to  attract foreign investment to Vietnam may fail.

 

In principle, in order to ensure the benefits for both businesses and  workers, the wage increase should be proportional to the productivity. However,  in Vietnam, while the wage increases by 10 percent every year, the productivity  increases by 3.5-5 percent only. This has prompted businesses to cut down their  labor force.

 

The 2012 annual report of the Vietnam Chamber of Commerce and Industry (VCCI)  has pointed out that the labor force at businesses has decreased sharply.

 

VCCI’s Secretary General Pham Thi Thu Hang said in 2002-2007, every dong paid  to workers could bring 18 dong in turnover. Meanwhile, in 2008-2009, the figure  dropped to 16 dong.

 

 

THE LINK : http://dongtalk.com/

 

 

 

Import-export companies seeking to force dollar interest rates down

 

12/05/2013    11:00

 

 

VietNamNet Bridge – Importers and exporters have urged the State Bank of  Vietnam to slash the dollar interest rates further to 5 percent per annum. A  senior executive of the central bank once promised to find the way to force the  rates to 4-5 percent.

 

 

 

 

A report of the State Bank of Vietnam showed that since late January, the  mobilized capital has increased again. By April 23, the deposits had increased  by 5.34 percent in comparison with the end of 2012, or 50 percent higher than  that of the same period of the last year.

 

The report pointed out that the dong mobilized capital has been increasing  more rapidly than the foreign currency deposits. This, in the eyes of the State  Bank, comes in line with the bank’s plan to encourage businesses to purchase  foreign currencies from banks instead of borrowing from banks. This also shows  the increase in the people’s confidence on the banking system.

 

The State Bank of Vietnam has affirmed that the foreign currency market has  been going on a right track. By April 25, the average buy price had increased by  0.4 percent in comparison with the beginning of the year. The stabilized  exchange rate and the dollar mobilized capital decrease are the good signs for  the macro economy.

 

However, analysts have found that the slowdown has put a hard pressure on the  dollar credit. Though the State Bank has tightened the dollar lending by  restricting the subjects that can borrow in foreign currencies, the demand for  dollar loans remains high, especially from export companies.

 

The director of a joint stock bank said in previous years, the lent capital  in dollars was always higher than the deposits. However, the gap has been  narrowed because of the decrease in the dollar loan demand.

 

Nevertheless, the sharp fall in the dollar mobilized capital has hindered the  growth of dollar lending. Banks now hurry to mobilize more dollar capital by  dodging the laws and attracting deposits at the interest rates higher than the  ceiling rate stipulated by the central bank.

 

The current ceiling interest rates are 0.5 percent for the institutional  clients and 2 percent for individual depositors. However, if banks really need  capital, they would be willing to pay 3-4 percent per annum. The high deposit  interest rates still can bring profits to banks, if they lend at 5-6 percent per  annum.

 

In general, banks now lend dollars at the interest rates of 7-8.5 percent per  annum, while only a few rice, coffee and rubber export companies can borrow at 5  percent per annum.

 

mport and export companies believe that when the national economy has shown  positive signs, the imports and exports have bounced back, the exchange rate has  been stabilized and the foreign currency reserves have increased significantly,  it’s now the right time to slash the dollar interest rates.

 

Dao Hong Chau, Deputy General Director of Eximbank, said the bank now lends  at 3.2-3.5 percent only to big and loyal clients, and 5-6 percent per annum to  small and medium import-export companies.

 

Meanwhile, the foreign banks in Vietnam can lend at 2-3 percent per annum  only. They can borrow dollars at low interest rates from foreign finance  institutions and then re-lend to domestic enterprises at the rates of 5 percent  and lower. This means that in order to compete with them, domestic banks need to  offer more competitive interest rates.

 

 

 

 

THE LINK : http://dongtalk.com/

 

 

 

 

 

               Central bank cuts key interest rates

 

 

13/05/2013 | 10:19:00

 

The State Bank of Vietnam has cut key interest rates by 1 percent, applicable since May 13.

Under the decision, the refinancing and discount rates will be lowered to 7 percent and 5 percent, respectively.

Meanwhile, the overnight rate in the inter-banking electronic payment will be reduced to 8 percent from the current 9 percent.

The maximum rate on short-term Vietnamese dong loans for agriculture, rural development, exports, supporting industries, small- and medium-sized enterprises and hi-tech businesses will be brought down to 11 percent per year instead of the current 12 percent.

Earlier on March 25, the central bank also cuts benchmark rates by 1 percent to support businesses. Accordingly, the refinancing and rediscount rates were lowered to 8 percent and 6 percent from 9 percent and 7 percent, respectively. Meanwhile, the overnight inter-bank rate was cut down to 9 percent.

The move was made after the General Statistics Office had reported that March’s consumer price index decreased by 0.19 percent against the previous month.-

 

 

 

THE LINK : http://en.vietnamplus.vn/Home/Central-bank-cuts-key-interest-rates/20135/34365.vnplus

 

 

 

 

 

Vietnam’s central bank imports gold to bolster official reserves 

 

 

Monday, May 06, 2013 05:30:00

   

 

Vietnam’s central bank said it imported gold to make up for a reduction in reserves from sales to local commercial banks.

The purchases were equivalent to the amount sold at the auctions, the State Bank of Vietnam said in a statement on its website today, without giving details. The bank sold 367,000 taels in 13 auctions held from March 28 through May 3, it said. A tael is about 1.2 ounces. The auctions were held mainly to supply gold to banks that need to return about 20 metric tons to depositors by the end of June, the statement said.

 

The central bank in October ordered lenders to stop taking gold deposits from customers starting June 30. The bank needs to control the gold market to stabilize the dong, the country’s currency, Governor Nguyen Van Binh said in an interview posted on the government’s website on May 5.

 

“Previously, each year the amount of gold imported into Vietnam was about 100 tons, which would require a foreign- currency amount of about $4.4 billion,” the bank said in today’s statement. “Therefore that had very strong impact on the increase in the dong-dollar exchange rate, causing macroeconomic instability.”

 

The gap between domestic and international gold prices is still large because supply and demand are still imbalanced in the short term, the bank said.

 

Cash gold traded at $1,472.13 an ounce by 9:47 a.m. London time. The price in Vietnam was 41.82 million dong per tael, according to data on the Saigon Jewelery Co.’s website. Dong traded little changed at 20,936 to a dollar.

 

 

THE LINK : http://www.thanhniennews.com/index/pages/20130507-%20vietnam-central-bank-imports-gold-to-bolster-official-reserves.aspx

[JoeB]

The whole "global currency reset" is complete BS invented by the Gurus. Every currency in the world cannot RV at the same time. Against what would they do that? Against the USD? Then it is not a "global RV" but the USD going down the drain.

[JJ7]

if I remember right   didn`t the Singapore currency raise it`s value with in the last two years ?    it was at - under a dollar and valued higher than the dollar after ,   so I do believe the dinar will get some value back , it may not be the 3.oo range , it might just get to 50 cent mark  but that would still be a very good sell rate

I checked and it looks like 4 years ago it was .74, and now it's .81. Maybe it's a different currency you're thinking of?

[Annastasia]

The miss leading of people about the dinar

[vomer]

I thought communism was supposed to work.

[JMULS31]

I don't believe in a gobal currency reset. But the USD is going down the drain. The is near when the USD will no longer be the worlds currency. When that time comes were going to see high inflation.

[Silverdinar]

Well it's beginning to look like we may have been snookered in all this " investment RV ". I'm still holding  and believe we will profit at some time in the future. Vietnam has not changed in their financial structure since I was there back in the war 1969-1972. Looks like we 're heading back to the rice patties boys.

[millionaire in training]

I thought communism was supposed to work.

 

TRUST ME IT DOSENT!!!!  I come from a communist country and Im SOOOOOO GLAD Im not there. But I still have alot of family there and they are suffering every day. They feel like they have a hopeless existence.

[vomer]

TRUST ME IT DOSENT!!!!  I come from a communist country and Im SOOOOOO GLAD Im not there. But I still have alot of family there and they are suffering every day. They feel like they have a hopeless existence.

 

But but but ... Obama says it does.

[rulesforrebels]

Well it's beginning to look like we may have been snookered in all this " investment RV ". I'm still holding  and believe we will profit at some time in the future. Vietnam has not changed in their financial structure since I was there back in the war 1969-1972. Looks like we 're heading back to the rice patties boys.

anyone who believes in an overnight rv and that they will make 12 million off a 1,000 investment was snookered and deservedly so, anyone who thought that was gullible and greedy.

 

anyone who thinks slowly over time the dinar will go up in value is making a calculated risk and taking a chance.

 

nobody has really been snookered though everyone can sell their dinar back and rcoup majority of their money. i lost alot more on many stocks over the years

[millionaire in training]

But but but ... Obama says it does.

Yea I see what you mean. 

 

Its like everything in life, in order for you to really know about something you have to live it first.

Maybe he needs to move and have an experience in a 3rd world country so he could have an idea of what he's talking about.

 

That really shows what he doesnt know!

 

Its sad very sad.........