State Bank of Vietnam expands exchange rate trading band
Move effectively allows the dong to fall further against a strong US dollar
The State Bank of Vietnam said it had widened the dong’s daily trading band from 3% to 5%, effective today (October 17).
Under Vietnam’s managed float regime, the central bank sets a daily reference rate for the dong against the US dollar. It allows the dong to trade within a target band.
The adjustment was made “in order to proactively cope with unpredictable developments in the international market” and the tightening of monetary policy by the US Federal Reserve and other central banks, the
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