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Vietnam dong officially devalued 1pct against greenback

Wednesday, June 18, 2014, 22:30 GMT+7

The State Bank of Vietnam (SBV) on late Wednesday evening announced the decision to adjust the exchange rate between the Vietnam dong and the US dollar.

Accordingly, in a statement announced by SBV, the new interbank average exchange rates between Vietnam dong and U.S. dollars applicable starting June 19 will be at VND21,246 per dollar from VND21,036 per dollar, a 1 percent adjustment.

With the new exchange rate, the ceiling and floor interbank exchange rates will be at VND21,458 per dollar and VND21,034 per dollar.

The decision came one week after State Bank Governor Nguyen Van Binh told the public that he thought it was not the time for any foreign exchange rate adjustment as the required conditions set for a devaluation had yet been met.

According to the statement from the central bank, the decision came into effect in the context that the consumer price index in the first 5 months of the year was well controlled and the exchange rate remained stable for nearly a year.

The forex rate adjustments follow the tasks assigned by the Government with Resolution No. 02/01/2014 01/NQ-CP offering the guidelines for the implementation of socioeconomic development plans in 2014, said SBV.

"Accordingly, the State Bank of Vietnam is responsible for administering interest rates, exchange rates in consistent with macroeconomic development goal so that inflation is control, the value of the Vietnam dong is table, and the national foreign exchange reserves is improving,"said the SBV statement.

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