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Vietnam Tries to Cut Loose From Falling Dollar
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Inflation went upto 15.7% in February in Vietnam, the highest in 13 years. The dollar peg of Vietnam's currency helped to boost textile and electronics exports because they were chaeaper than products made in Thailand or Malaysia, the dollar being pegged by the central bank and its being allowed to rise or fall 0.75 a day.But now its boosting inflation as the dollar loses value and Vietnam's central bank widened the narrow band for the dong to 1% from 0.75 %, and the bank says it plans to expand the band to 2% for a rise or fall in one day. The black market rate has devalued the dollar by 3% since March 10, 2008 to 15500 dong to a dollar. Most Vietnamese ae now trying to get their hands on dong and exchanging dollars. The dong's increase in value will help reduce inflation but exporters who get dollars see their revenues in dong fall.
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