Illustrative image (Source: Internet) Hanoi (VNA) - The State Bank of Vietnam adjusted the daily reference exchange rate down on November 2 after three days of going up, setting the rate at 22,725 VND per USD. With the current trading band of /- 3 percent, the ceiling rate applied to commercial banks during the day is 23,406 VND/USD and the floor rate 22,044 VND/USD. The opening hour rates at commercial banks went down slightly. Both Vietcombank and BIDV cut 10 VND from both rates, listing the buying rate at 23,290 VND/USD and the selling rate at 23,380 VND/USD. Techcombank still maintained the same rates as on November 1 at 23,280 VND/USD (buying) and 23,390 VND/USD (selling). This week (October 29 to November 2), the reference exchange rate opened the week down to 22,722 VND per USD, but went up for the next three days before dropping on the last day. The rates at commercial banks have stayed stable since last week. -VNA … [Read more...] about Reference exchange rate down on November 2
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The State Bank of Vietnam continued to adjust the daily reference exchange rate up on October 31, setting the rate at 22,726 VND per USD. (Photo: Vietcombank) Hanoi (VNA) - The State Bank of Vietnam continued to adjust the daily reference exchange rate up on October 31, setting the rate at 22,726 VND per USD, an increase of 2 VND from the previous day. With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,407 VND/USD and the floor rate 22,045 VND/USD. The opening hour rates at commercial banks remained stable. Both Vietcombank and BIDV continued to keep their rates unchanged at 23,300 VND/USD (buying), and 23,390 VND/USD (selling). Techcombank also maintained the same rates as on October 26 at 23,280 VND/USD (buying) and 23,390 VND/USD (selling). This week (October 29 to November 2), the reference exchange rate opened the week down to 22,722 VND per USD, but up on the next two days. The rates at … [Read more...] about Reference exchange rate up 2 VND on October 31
We, like many people, believe that the US Federal Reserve Bank (the Fed) will increase its benchmark interest rate by 25 basis points (0.25 percentage points) at its Federal Open Market Committee meeting on December 15 and 16. The Fed targets two policy objectives in deciding whether to raise rates: employment and inflation. The two objectives are linked based on the idea that when the economy reaches full employment, then companies will be forced to pay higher salaries, which will create inflationary pressures. The Fed has therefore quantified these objectives to say that it is seeking to maximise employment growth until it achieves a 2 per cent inflation rate. Recent economic data show that the targets have been met. The October US jobs report recorded 271,000 new jobs added (the highest amount in five years). Also, the unemployment rate has dropped to 5 per cent. The Labour Department’s gauge of average hourly earnings is also starting to show signs of increased earning … [Read more...] about How will the Fed rate rise affect Vietnamese stocks?
The Bank of Thailand (BoT) on January 22 maintained its key interest rate at 2.25 percent in the face of growing worries about the impact of anti-government protests on the country’s economic prospects. The bank said Thailand’s economic growth has been weaker than expected because of decreasing domestic demand, and the ongoing political situation weighs on the overall outlook for the country’s growth. Additionally, Thailand’s export activities also slowed down in spite of recovery signs in several other fields. In November last year, the BoT lowered its interest rate by 25 basis points. The BoT said its interest rate can be lowered in the coming time, affirming that the bank will take suitable measures to support the economy if necessary. According to the Tourism Council of Thailand, the application of the state of emergency, which took effect on January 22, will reduce the number of tourists to the country in the first quarter of this year by 30-40 … [Read more...] about Bank of Thailand maintains 2.25 pct interest rate
The agriculture sector registered a growth rate of 2.8 percent this year amid many challenges and high input prices, according to a report of the Ministry of Agriculture and Rural Development at a conference in Hanoi on Dec. 27. In the 2006-2010 period, the average growth rate of the sector reached 3.36 percent per year, surpassing the set target of 3-3.2 percent and the production value rose by 4.93 percent per year, said the report. In 2010, the country’s rice output reached 39.8 million tonnes, a year-on-year increase of 2.4 percent thanks to the increase of cultivated acreage to about 23,000 hectares. Besides ensuring domestic food security, Vietnam also exported 6.7 million tonnes of rice, up 750,000 tonnes over 2009. Vietnam also grows many crops of high values such as maize, coffee, rubber, pepper, cashew, tea and vegetables for domestic consumption and export. Thanks to favourable weather, the forest coverage increased from 37.1 percent in 2005 to 39.5 percent in 2010. … [Read more...] about Agriculture sector posts 2.8 pct growth rate