Vietnam Central Bank Devalues Dong to Buttress Exports: Economy
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The State Bank of Vietnam devalued the dong for the second time in seven months as regional currencies declined, seeking to support exports that have sustained the country’s economic growth.
The central bank weakened its reference rate 1 percent to 21,458 dong a dollar, effective today, it said on its website late yesterday. The currency, which is allowed to trade as much as 1 percent either side of the fixing, fell 0.3 percent to 21,460 a dollar as of 3:09 p.m. in Hanoi, data compiled by Bloomberg show. It was poised for its biggest drop since the dong was last devalued, also by 1 percent, on June 19.