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Business & Finance Finance Vietnamese Dong May Further Depreciate against US Dollar: ECNA Report
Business & Finance Finance Vietnamese Dong May Further Depreciate against US Dollar: ECNA Report
Vietnamese Dong May Further Depreciate against US Dollar: ECNA Report
Written by Dailynews.vn Wednesday, 28 December 2011 18:48
Pressure on the dollar exchange rates remains huge and tends to increase recently, the report said, attributing the increasing pressure to different factors, including inflation, trade deficit, growth of foreign currency credits and speculations.
In the last months of this year, demand for foreign currency rose significantly as local firms sought to purchase dollars to repay due debts or to import goods, the report remarked. Besides, the soar in interest rates on foreign currency deposits, sometimes up to 5 percent, also increased local residents' preference for foreign currency.
Meanwhile, supply of foreign currency declined as enterprises were reluctant to sell foreign currencies to local banks on fear that the central bank would further devalue the dong.
Policymakers should continue governing the exchange rates in accordance with market signals to regain public confidence, the ECNA suggested.
Source: www.intellasia.net/news/articles/finance/111352105.shtml
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