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Vietnam’s Central Bank devalues dong for the third time in 2015

by ChemOrbis Editorial Team -
  • 19/08/2015 (11:33)
The State Bank of Vietnam lowered its reference rate for the third time this year, according to a statement published on the bank’s website. The central bank lowered its reference rate by 1% to 21,890 dong per dollar. The bank also widened its currency trading band to 3% on both sides of the new fixing.

This move was attributed to downward pressure stemming from the recent depreciation of the Chinese yuan as well as an anticipated tightening by the US Federal Reserve. The bank reportedly stated that the depreciation of the dong will allow the currency to have enough room to fluctuate more flexibly in order to deal with negative impacts of developments in global and domestic markets.

The dong has fallen 4.5% in 2015, putting the country’s exporters at a disadvantage in comparison other regional countries such as Indonesia and Malaysia which have seen steeper currency depreciations.
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