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Vietnam devalues dong to boost economic growth
(MENAFN) Vietnam's central bank last week said it would devalue the dong currency in a bid to contain inflation and bolster economic growth, AFP reported.
The State Bank of Vietnam (SBV) will devalue the reference rate by one percent to 21,458 Vietnamese dong per dollar to 'control inflation and... push up economic growth.'
The move - the second devaluation in eight months - is 'in accordance with the developments of the domestic and international financial markets, creating a solid stability for the forex market.'
Vietnam's economy grew 5.98 percent in 2014, the highest for three years, while inflation slowed to 4.09 percent. The government is targeting economic growth of 6.2 percent this year.
The State Bank of Vietnam (SBV) will devalue the reference rate by one percent to 21,458 Vietnamese dong per dollar to 'control inflation and... push up economic growth.'
The move - the second devaluation in eight months - is 'in accordance with the developments of the domestic and international financial markets, creating a solid stability for the forex market.'
Vietnam's economy grew 5.98 percent in 2014, the highest for three years, while inflation slowed to 4.09 percent. The government is targeting economic growth of 6.2 percent this year.
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