Harambe: Bloomberg: Vietnam Sees Rising Remittances Aiding Currency (Dong) in Growth Push
Vietnam expects rising remittances from overseas Vietnamese to help keep the currency stable, allowing the central bank to focus on supporting virus-hit businesses and boosting economic growth, according to a senior central bank official.
Nguyen Hoang Minh, deputy head of the State Bank of Vietnam in Ho Chi Minh City, said remittances to the city are forecast to reach about $6.5 billion this year, after rising 15% to a record $6.1 billion last year. The city, Vietnam’s economic hub, received about 50% of the country’s total remittance inflows in previous years.
“Remittances have surprisingly surged during the pandemic, and significantly helped us keep the dong stable,” Minh said in an interview. “Apart from rising remittances, increases in foreign direct investment and exports this year will also help ensure sufficient supply of foreign currency, facilitating our policies in helping businesses cope with impacts from the Covid-19 outbreak.”
The central bank said last month it will continue to pursue monetary policies that reduce borrowing costs for businesses and boost economic growth while keeping inflation in check. The government wants to make sure the country remains among the world’s fastest-growing economies, and expects 2021 growth to meet its goal of 6.5%.
The dong traded at 23,058 per dollar as of 10:24 am in Hanoi, little changed from 23,060 yesterday, data from banks compiled by Bloomberg show. The dong gained about 0.3% last year, when it was among the most stable currencies in the region.
“Interest rates will probably be stable this year as there is not much room to cut policy rates while inflation is picking up,” Minh said. The central bank, which aims to balance growth and inflation, is pushing for more flexibility on loan-interest payments to help businesses struggling in the outbreak, according to Minh.
Holly: Rv News:
We are seeing the perfect storm of the country shutting down with the gas pipeline attack on the east coast. Gas is already scare in many states and in Budapest Hungry is having a black swan event.
Be prepared for things to get rocky and stock up if you can. This is what we had heard would happen for the release. This will set the stage for the EBS snd disclosure videos should soon follow.
If there is a safe link website and you go on there, you should be directed to a redemption center only. Do not under any circumstances give your personal information, currency or serial numbers to anyone. It this asks for your personal information immediately get off.
There should be emails and 800#s.
The next few days are going to be interesting. Never, ever give up!
Courtesy of Dinar Guru
Frank26 They are going to raise the value of their currency...articles are casting a shadow of the evidence that they're raising the value of their currency and that's all there is to it. I know you want it like this [Snap] but you can't do that to yourself. This is the Middle East for crying out loud...
Frank26 The first quarter is where we felt the process...phase 1, 2 and 3 were being done. They were accomplished IMO...we feel deep in our hearts in that first quarter they accomplished all 15 items. These items are actually being implemented/activated...all these things you have seen with us that have been passed and accomplished...they are waiting for just one thing...the rate.
Pimpy Article: "The government succeeded in filling the deficit gap and facing the recession within a year" That is great news. The deficit is being taken care of. Thank goodness for higher oil prices...remember I told you guys we were looking for other signs - good signs that we just don't have to rely on the RV/RI announcement. There are other indicators out there that will tell you that the value of the dinar would go up. The fact that they're taking care of their deficits - this is good. Making more money than was anticipated - this is good...this is what you want to see.