11 Feb '11, 3am

Eyeing a holiday to Vietnam? It's cheaper now!

Eyeing a holiday to Vietnam? It's cheaper now!

Vietnam devalued its beleaguered dong currency by 8.5 per cent on Friday. -- PHOTO: AP IF YOU'RE planning a weekend getaway to a cheaper regional destination soon, this latest move by Vietnam will be of interest. Vietnam devalued its beleaguered dong currency by 8.5 per cent on Friday in a widely anticipated move to realign official and black market exchange rates amid high inflation and a persistent trade deficit. The new reference rate was 20,693 dong per dollar , down from 18,932 in place since Aug 18, 2010. The State Bank of Vietnam also said on its website (www.sbv.gov.vn) it had narrowed the band in which the dong is allowed to trade with the dollar to 1 per cent from 3 per cent on either side of a midpoint it sets each day. The changes represent the first major steps in months to address snowballing economic problems that critics say have been brushed aside in the p...

Full article: http://www.straitstimes.com/BreakingNews/SEAsia/Story/STI...

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