ANNOUNCEMENT 18 Jun 2014In June 2014, the government of Viet Nam announced the devaluation of its national currency.
NUMBER OF INTERVENTIONS
SBV Press Release, 19 June 2014: http://www.sbv.gov.vn/portal/faces/en/enlinks/endetail/encm411/enct411?dDocName=CNTHWEBAP0116211761035&_afrLoop=1397702312784900&_afrWindowMode=0&_afrWindowId=null#%40%3F_afrWindowId%3Dnull%26_afrLoop%3D1397702312784900%26dDocName%3DCNTHWEBAP0116211761035%26_afrWindowMode%3D0%26_adf.ctrl-state%3Dzn1mjyzb8_69
Bloomberg Businessweek, 19 June 2014, 'Vietnam Devalues Dong for First Time in a Year to Spur Exports': http://www.businessweek.com/news/2014-06-19/vietnam-devalues-dong-first-time-in-a-year-to-boost-exports
On 18 June 2014, the State Bank of Vietnam (SBV) has devalued the national currency, the dong (VND) by 1%, from 21,036 VND/USD to 21,246 VND/USD, effective the next day. The exchange rate band remains unchanged at +/- 1%, hence the currency can float between 21,034 and 21,458 VND/USD.
Despite the fact that, according to the SBV, ''i'n the first half of 2014, the money and forex markets were stable', the dong was devalued in order to 'contribute to supporting export in the second half of the year' (see press release).