Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Vietnam Dong Slips to Record Low as Central Bank Weakens Rate

Flyers1

By Flyers1,
in Foreign Currencies

 Share

Recommended Posts

Flyers1 Newbie

Flyers1

Posted
Posted

The State Bank of Vietnam set the daily reference rate at 20,803, compared with 20,788 yesterday, according to its website. The currency can trade up to 1 percent on either side of the fixing. The dong has weakened due to “complicated” movements in the local gold market and the foreign-exchange market “has not stabilized yet,” the central bank said in an Oct. 24 report posted on its website.

The dong fell 0.1 percent today and this week to 21,009 per dollar as of 4 p.m. in Hanoi, according to prices from banks compiled by Bloomberg. It was the currency’s weakest level since June 1993.

Government bonds were steady. The State Treasury sold 300 billion dong ($14.3 million) of five-year bonds at 12.15 percent and 700 billion dong of three-year notes at 12.10 percent at an auction yesterday, according to a statement posted on the Hanoi Stock Exchange’s website, where the sale took place. Both rates were unchanged from the previous two auctions held on Oct. 6 and Sept. 29. The treasury had offered 1 trillion dong each of the notes.

The yield on the five-year notes fell one basis point, or 0.01 percentage point, to 12.44 percent, according to a daily fixing price from banks compiled by Bloomberg. The yield rose two basis points this week.

“Bond yields in the secondary market will be hovering over these levels for a while unless the government changes the rates at auctions,” said Nguyen Tien Hai, the Hanoi-based head of fixed-income at Bao Viet Fund Management Co., a unit of Vietnam’s biggest insurer. “Demand for bonds is quite low.” (Bloomberg)

http://bit.ly/us0OOe

  • Upvote 2
  • Downvote 1
Link to comment
Share on other sites
Canuklady Newbie

Canuklady

Posted
Posted

You guys are hilarious! I was initially told I would be holding on to it for years, but got my hopes up when the rumor mill started. I guess it's back to the original plan to put it away and forget about it. Part of me is thinking I should get more (buy low, sell high), but I just hope I don't end up with a ton of worthless Dong!

Link to comment
Share on other sites
zigmeister Newbie

zigmeister

Posted
Posted

Updated : Fri, October 28, 2011,2:04 PM (GMT+0700)

Following the 14th increase so far this month of the interbank dollar exchange rate, the ceiling price of the dollar at banks today surpassed the VND21,000 mark.

The State Bank of Vietnam today increased the interbank rate by VND15 to VND20,803 a dollar, sending banks’ ceiling price to VND21,011 a dollar.

The interbank exchange rate has risen by VND175, or 0.85 percent since September 7 when the central bank said the depreciation would not be more than 1 percent this year.

The dollar price on the black market has recently slumped after the government increased the maximum fine on illegal trading of foreign currencies to VND500 million from VND70 million.

The greenback yesterday fell by VND250 to VND21,500.

Meanwhile, gold in Vietnam this morning rose by VND700,000 compared with yesterday closing to over VND45.5 million a tael (37.5 grams), the highest level since September 27.

It was sold at VND45.55 million a tael in Hanoi and VND45.6 million a tael in Ho Chi Minh City.

According to Kitco, spot gold was quoted at US$1,745.4 an ounce at 10 am today.

With the official exchange rate, the gap between domestic and global prices was VND1.3 million a tael.

With the black market rate, the gap was VND300,00

Read more: http://dongtalk.com/#ixzz1cC8lvKCB'>http://dongtalk.com/#ixzz1cC8lvKCB

Link to comment
Share on other sites
Guest
This topic is now closed to further replies.
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Testing the Rocker Badge!

    Take This Quiz

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.

  I accept