Vietnam: Vietnam's Central Bank devaluates dong for the second time in seven months
January 7, 2015
On 7 January, the State Bank of Vietnam devalued the Vietnamese dong (VDN) for the second time in seven months. The Bank weakened the currency by 1.0 percentage points from 21,243 VND per USD to 21,458 VND per USD in an effort to support the country’s exports. The adjustment followed a similar move in July 2014, when the Bank also devaluated the dong by 1.0%.
As a result of the new exchange rate band of +/-1.0% of the inter-bank average exchange rate, the ceiling exchange rate is now 21,673 VND per USD and the floor rate is 21,243 VND per USD.
Author: Dirina Mançellari, Senior Economist