11 Feb '11, 3am

Vietnam devalues currency to tackle deficit, inflation

HANOI: Vietnam on Friday devalued its currency for the fourth time in 15 months as the country tries to control a trade deficit and rising inflation. The average interbank exchange rate was adjusted by 9.3 per cent to 20,693 dong to the dollar, against 18,932 dong previously, the State Bank of Vietnam said. The central bank also tightened the daily trading band for buying and selling dollars by commercial banks, to one percent from the previous three per cent of the interbank exchange rate. The devaluation had been widely expected.

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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