Quote:
Originally Posted by seabass
this translate to about 10% actual dong devaluation. If you want the actual computation, it can be done. If you are like the locals, hold on to your greenbacks. Others more 'sophisticated' ones buy gold as a form of saving plans.
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im also interested as to how the maths works to get a 10% actual dong devaluation
"The State Bank of Vietnam (SBV) announced the adjustment of the average inter-bank VND/USD exchange rate from 21,246 to 21,458 (by +1%) applicable from January 7, 2015. With the band of ±1% against the average inter-bank exchange rate, the ceiling VND/USD exchange rate is 21,673 and the floor rate is 21,243."
I not being the economist but 1.01 (ie 1% devaluation) x 21246 = 21458...where is the 10%