11 Feb '11, 7am

Vietnam devalues dong to fight trade deficit: Vietnam announced its biggest currency devaluation in years but an...

HANOI (AFP) - – Vietnam on Friday announced its biggest currency devaluation in years but analysts said the government must do more to address a complicated mix of problems including a huge trade deficit and high inflation. In a widely expected announcement the State Bank of Vietnam said the average interbank exchange rate had been adjusted by 9.3 percent to 20,693 dong against the dollar, compared with 18,932 dong previously. It said in a statement the decision was aimed at "ensuring the liquidity of the market, contributing to curb the trade deficit and supporting the implementation of more active and flexible monetary policies." The move comes after the ruling Communist Party's five-yearly congress last month set an economic framework for the coming years, with leaders noting a need to "stabilise the macroeconomy". Vietnam has recorded impressive growth but economic exp...

Full article: http://sg.news.yahoo.com/afp/20110211/tbs-vietnam-economy...

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