12 Feb '11, 1am

Vietnam devalues dong to fight trade deficit #news #vietnam

The World Bank has said an unusually large amount of money held outside the country's official foreign exchange reserves has pressured the unit. A black market in dollars is widespread at gold shops and elsewhere. The unofficial rate of around 21,295 dong on Thursday, ahead of the devaluation, dropped to about 21,500 on Friday. Unlike its neighbours, whose currencies strengthened in recent months as confidence in their economies attracted a flood of overseas capital, Vietnam's dong has consistently struggled. The central bank on Friday also tightened the daily trading band for buying and selling dollars by commercial banks, to one percent from the previous three percent of the interbank exchange rate. Ratings agencies Moody's and Standard & Poor's recently downgraded Vietnam's debt rating over worries about the economy, the banking sector and the problems of nearly-bankrup...

Full article: http://www.asiaone.com/News/Latest+News/Business/Story/A1...

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