Another Big Currency Devaluation for Vietnam

Vietnam’s central bank has just devalued its currency for the third time in a year, this time by 8.5% to 20,693 dong for a dollar, up from 18,932.

The move reflects Vietnam’s current ecnomic struggle and increasing concerns about the large and growing trade deficit ($13.3 billion last year) as well as inflation that rose above 12% last month.

Over the past few years, American currency has been at a premium on the black market, and the devaluation will bring the official exchange rate more in line with the unofficial price of the dollar on the street. 

More on Vietnam’s devalued dong

Advertisements

One response to “Another Big Currency Devaluation for Vietnam

  1. Pingback: Tweets that mention Another Big Currency Devaluation for Vietnam | Vietnam Economics – Vietnomics -- Topsy.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s