Vietnam To Devaluate Dong By 3.4% Thursday -Central Bank

VNStockNews.com - The State Bank of Vietnam, the country's central bank, said Wednesday that it will devalue the Vietnamese dong to VND18,544 per dollar Thursday from VND17,941.

"The average exchange rate to be applied for in the interbank market Thursday will be VND18,544," the central bank said in a statement.

The exchange rate is adjusted to balance supply and demand of foreign currencies, increase the liquidity of foreign exchange in the market, and help control the trade deficit and stabilize the macroeconomy, the statement added.

This will be the second devaluation of the Vietnamese dong in three months. The central bank shaved 5% off the value of the dong Nov. 27.