The State Bank of Vietnam set the daily reference exchange rate at 22,725 VND per USD. (Photo: Vietcombank) Hanoi (VNA) - The State Bank of Vietnam adjusted the daily reference exchange rate down on November 5, setting the rate at 22,725 VND per USD, 2 VND lower than the rate on the last day of previous week (November 2). With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,404 VND/USD and the floor rate 22,042 VND/USD. The opening hour rates at commercial banks continued to go down, keeping the trend from November 2. Both Vietcombank and BIDV cut 15 VND from both rates, listing the buying rate at 23,275 VND/USD and the selling rate at 23,365 VND/USD. Techcombank reduced both rates by 25 VND, listing the buying rate at 23,255 VND/USD and the selling rate at 23,365 VND/USD. Last week (October 29 to November 2), the reference exchange rate opened the week down to 22,722 VND per USD, but went up for … [Read more...] about Reference exchange rate down on November 5
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Lee Ju-yeol, governor of the Bank of Korea (BOK), told reporters that the U.S. rate hike will have a limited impact on the local financial market. He added the latest move has made it "more difficult" for South Korea to decide on its own key rate going forward. As widely expected, the Fed lifted its key lending rate to a range of 2 percent to 2.25 percent. The rate gap between Korea and the U.S. has now widened to 0.75 percentage point. The Fed also hinted that it will continue to keep marking up rates gradually, with many analysts expecting one more rate hike by the end of this year. If so, the rate gap between the two nations would be 1 percentage point. "The Fed's rate hike is likely to have a limited impact on local financial market because it was widely expected," Lee said. South Korea suffered a net capital outflow of 8.2 trillion won (US$7.35 billion) from the local stock and bond markets between May and July 2006, when the U.S.-South Korean rate gap stood at 1 percentage … [Read more...] about BOK remains guarded on rate gap with U.S. after Fed hike
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