Thursday, April 12, 2012

The State Bank of Vietnam is instituting a de factonationalisation of Vietnam’s gold market, in an effort to restore confidence in the country’s currency – the dong
According to government statements, these measures are necessary to stop the flight from the dong. Vietnam's current account deficit has grown in the wake of the global financial crisis, and more and more Vietnamese citizens have been buying gold in order to preserve purchasing power. Record-high inflation has encouraged the use of gold as an unofficial currency.

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