Dong gains as Vietnam’s central bank says foreign reserves rose

[DRV1804]

Dong gains as Vietnam’s central bank says foreign reserves rose

The Vietnamese dong climbed from a four-month low as the central bank said the nation’s foreign- exchange reserves have been bolstered by export earnings and remittances. Government bonds were steady.

The currency stockpile has “increased significantly, quite sufficient to intervene and stabilize the foreign-currency market in any event,” the State Bank of Vietnam said in a statement on its website today.

Higher reserves “will definitely help boost confidence in the dong,” said Lai Tat Ha, head of currency trading at Hanoi- based Vietnam Technological & Commercial Joint-Stock Bank. “It confirms the State Bank will continue to pro-actively intervene by anticipating the market’s real dollar demand.”

The dong gained 0.05 percent to 20,810 per dollar as of 3:47 p.m. in Hanoi, according to data compiled by Bloomberg. It fell to 20,820 yesterday, the lowest level since April 25.

The central bank set the dong-dollar reference rate at 20,618 today, unchanged since Aug. 10, according to its website. The local currency is allowed to trade up to 1 percent on either side of the fixing.

The yield on Vietnam’s five-year bonds was little changed at 12.57 percent, according to a daily fixing price from banks compiled by Bloomberg.

http://vietnambusiness.asia/dong-gains-as-vietnam%e2%80%99s-central-bank-says-foreign-reserves-rose/

[Brinx65]

Thank you for the post DRV

[zantac]

Thats got to be the first time in many years my Dong has actualy gone UP for a change

[Atheist]

There sure are a lot of children on this site with all their stupid penis jokes.

[reveldog]

and there are all still funny

keep them coming