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Vietnam Central Bank Sells USD150 Million to Stabilize Exchange Rate

trooper

By trooper,
in Foreign Currencies

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trooper Newbie

trooper

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Vietnam Central Bank Sells USD150 Million to Stabilize Exchange Rate

September 30th, 2011 11:37 am

VietFinanceNews.com – The State Bank of Vietnam (SBV) sold out 150 million dollars (VND3,000 billion) last week to stabilize the USD/VND exchange rate.

The central bank, in a meeting with commercial banks on Sept. 7, said it would try to keep the exchange rate steady within 1% fluctuating band to the end of this year, and that it would interfere to ensure exchange rate stability if needed.

Earlier, the central bank also sold USD1.5 billion in three week from mid August to support the dong Reuters said.

However, according to VTV, the sale of 1.5 billion dollars was to increase the supply of foreign currency for gold importers during the gold frenzy in August.

The State Bank of Vietnam, on Sept 28, opened more gold quota in an effort to pull down local gold premium. Member of the National Advisory Council for Financial and Monetary Policies, Mr. Tran Hoang Ngan said that extended gold import will place more pressure on banks to raise the USD/VND exchange rate in the coming time.

As of 12:00PM (Sept. 29), USD was quoted in the free market at VND21,220 and VND21,270 for bid and ask, respectively. Agreed dollar price between banks and businesses at a large bank in Hanoi on Sept. 28 was up to VND21,000.

The central bank’s dollar selling also means a withdrawal of VND3 trillion from credit institutions.

http://www.vietfinancenews.com/2011/09/central-bank-sells-usd150-million-to.html

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TFK Newbie

TFK

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And thats just what they are trying to get you to do.Printing a worthless currency whiles receiving your hard earned dollars to buy into their revaluing soon.I believe they will RV but it will be years from now.

And sometimes that is what currency speculation is about. Currency is never worthless, as you have said... "receiving your hard earned dollars to buy into their revaluing soon". That's not worthless friend. One day it may be worth much more.

This idea that so many believe... spend a few bucks now to make much more in a very short period of time is "Fred and Barney" investing. It never works that way and I'm sure you already know that.

I'm always amazed at how many people are always whining about this investment. Go and live out your lives. You'll get an email from Adam when it rv's.

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jocko129 Newbie

jocko129

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And thats just what they are trying to get you to do.Printing a worthless currency whiles receiving your hard earned dollars to buy into their revaluing soon.I believe they will RV but it will be years from now.

Investing in currencies is for a long haul. Hard core investors, invest ,wait and watch :excl: for coming RV's :unsure::rolleyes:

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uncirculd Newbie

uncirculd

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And sometimes that is what currency speculation is about. Currency is never worthless, as you have said... "receiving your hard earned dollars to buy into their revaluing soon". That's not worthless friend. One day it may be worth much more.

This idea that so many believe... spend a few bucks now to make much more in a very short period of time is "Fred and Barney" investing. It never works that way and I'm sure you already know that.

I'm always amazed at how many people are always whining about this investment. Go and live out your lives. You'll get an email from Adam when it rv's.

Yeah, wish I were the bank, get their rates. I will buy more dong. Definitely. It will be awhile. But heck it has been a while for many here for the Dinar. I will do as you say. Go live life and let it happen if it will. :rolleyes:

Edited by uncirculd
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rulesforrebels Newbie

rulesforrebels

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And thats just what they are trying to get you to do.Printing a worthless currency whiles receiving your hard earned dollars to buy into their revaluing soon.I believe they will RV but it will be years from now.

Are you holding Dinar? I've been holding mine over 6 years so these things can take time.

But once the IQD EITHER RVs or RDs, the gurus are gonna need something to pump

I think teh SOuth Korean Won will be the next pumped currency

I already fell into the trap and bought some of this crap about a year ago.... Don't buy into the hype.

I'm sitting on 20 million bought from several different vendors. Way over paid on a few until I figured out the best prices and stuff. It's not a bad investment, not any worse than the iraqi dinar like all things do it in moderation, dont spend money you cant afford to lose, etc.

These smaller asian countries rates and things tend to loosely follow china and japan. If china is ever actually labeled a currency manipulator and is forced to revalue tehir currency Dongs could move with it.

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