Central Banks
Vietnam Central Bank Widens Currency Trading Band Amid Slump
- Trading range for the dong was widened to 5% from 3%
- Dong falls 0.8% to set a new record low versus the dollar
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Vietnam’s central bank widened the dong’s trading band, signaling authorities are willing to tolerate more weakness in the currency.
The State Bank of Vietnam widened the dong’s daily trading range to 5% on either side of the fixing rate from 3%, effective Monday, it said in a statement on its website on the same day. The dong dropped as much as 0.8% to 24,310 per dollar to set a new record low.