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Vietnam devaluates dong for second time in seven months

by ChemOrbis Editorial Team -
  • 07/01/2015 (11:46)
According to media reports, The State Bank of Vietnam has devalued the dong for the second time in seven months in order to boost exports. The central bank lowered its reference rate by 1% to 21,458 dong per dollar as of January 7 in line with the stronger performance of the dollar against other emerging market currencies. The bank has last devalued the currency by 1% in June. The dong is allowed to trade up to 1% above or below the bank’s reference rate on the open market

Through its recent movement, the bank aims to make Vietnam’s exports more competitive. Analysts stated that further devaluation may be performed in 2015 and that the dong may end 2015 about 3% weaker against the dollar.

In 2014 Vietnam’s economy grew approximately 5.98%, beating the government’s economic growth target of 5.8% owing to higher exports and stronger investment.
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