Vietnam Dong Policy More Transparent, VinaCapital Says
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Vietnam’s variation of the dong’s reference rate each day since it devalued the currency last week is evidence of a more transparent exchange-rate policy, according to VinaCapital Investment Management Ltd.
The reference rate was set today at 20,683 per dollar and has been fixed at a different level each business day since the dong was devalued by 7 percent on Feb. 11. Before that, the rate had been set at 18,932 since August. The official exchange rate is now allowed to fluctuate as much as 1 percent on either side of the fixing, compared with 3 percent previously.