Vietnam Central Bank to Lower Currency

Vietnam will lower the mid-point rate for trading its currency on the interbank market by 1 percent on Thursday to support exports, the key driver of the economy, the central bank said.

The move will lower the dong to 21,246 per dollar. The State Bank of Vietnam (SBV) announced the change in a late-night posting on its website on Wednesday.

“In the context inflation is being kept at a low level, in order to support exports in the last six months, the State Bank proactively adjusts the exchange rate,” the central bank said.
Dollar/dong transactions can move in a band of plus or minus 1 percent around a midpoint rate set daily by the central bank. With the new midpoint taking effect on Thursday, that means within a range of 21,034 to 21,458 dong per dollar.

The central bank has kept the mid-point rate unchanged at 21,036 since June 28 last year.

The biggest devaluation in recent years came when the value of the inconvertible dong was lowered on Feb 11, 2011 by 8.5 percent against the dollar, to counter a widening gap between official and black market rates.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza