Vietnam PM Urges Firms To Sell Dollars

The Prime Minister of Vietnam, Nguyen Dung, has urged state-owned companies to sell dollars to the central bank.

The Prime Minister of Vietnam, Nguyen Dung, has urged state-owned companies to sell dollars to the central bank, Bloomberg reports. The government is seeking to control the dong exchange rate. The companies of Vietnam are selling dollars to the market after information that the government will impose strong measures to cut the foreign currency “fever.” State Bank of Vietnam devalued the dong on Feb. 11, 2011, to curb a $12.4 billion trade deficit and narrow the gap between official and black-market exchange rates.

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