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Tag Archive for ‘Currency’

Stubborn Lending Rates In Vietnam

Enterprises still want lower lending rates, but banks have little room to manoeuvre because of the need to control inflation…. Based on State Bank figures, the loans lent at the rate of 15 per cent comprise 90 per cent of total outstanding loans until now, and the credit growth in the first 10 months this year is 3.3 per cent against the end of 2011. Although 15 per cent is still a high capital cost for enterprises, some experts claim the State Bank should not loosen the monetary policies further. According to Le Xuan Nghia, former vice chair of the National Financial Supervisory Committee, the pressure…

Vietnam’s Money Market: Stable But Worrisome

Unlike the same period of the previous year, this year, money market is quite stable. Commercial banks are merely showing signs of dong interest rate race. Meanwhile, in some banks, signals of interest declining are becoming clearer. Long term deposit rate (more than 12 month term) of many banks got reduced by 0.5-1 October Less […]

Japan’s economy shrinks, raising fears of recession

Japan’s economy shrank in the latest quarter, data showed Monday, raising fears it could slip into recession due to financial turmoil in Europe, a strong yen and a painful diplomatic row with China. The world’s third-largest…

Petrolimex salaries soar even as losses mount

HA NOI (VNS)— Salaries remained high for employees of State-owned petrol distributor Petrolimex even as the company posted a loss last year of VND2.3 trillion (US$110 million), according to a 2011 audit report just now made public by the State Audit of Viet Nam. The report showed that Petrolimex paid each of its workers last year an average monthly wage of nearly VND21 million ($1,000) per month, compared to an average of VND6.6 million ($315) in the rest of the industry. The Petrolimex audit report was released in response to requests…

Vietnam Gold Processors Seek To Export Surplus

HCM CITY (VNS) — Gold-production enterprises have asked the central bank to allow them to export non-SJC gold and import solid gold to manufacture SJC gold to ensure an immediate supply for the market. If this was done, it would contribute to reducing the price differential between domestic and global markets, thus limiting losses for people and credit institutions, while not affecting the country’s foreign currency resources, according to the enterprises. Earlier, the HCM City People’s Committee made a similar proposal to the central bank’s consideration. Currently, there is a wide gap…

Vietnam Coffee Exporters Cry For Foreign Currency Loans

VietNamNet Bridge – Coffee export companies have insisted on the permission to borrow money in foreign currencies, which they say would be the effective solution to ease the capital shortage. Nguyen Tien Dong, Deputy General Director of Agribank, has said that Agribank has disbursed 9 trillion dong for the coffee industry. Of this, 5 trillion dong has been provided to support the cultivation, 4 trillion dong to coffee processors and exporters. The companies have complained about the lack of capital for the 2012-2013 coffee crop. Meanwhile, borrowed money would decide the success of coffee exporters, 90 percent of whom have been living on bank loans…

Gold Imports: How Genuine Are China’s statistics?

With 800 tons of gold poised to be imported by China this year, the Middle Kingdom is supposed to equalize India in gold imports. This year, India too is expected to import only 800 tons of gold. [For the next year the country may see only imports to the tune of 550 tons as the […]

Gold tax in Vietnam won’t stop hoarding, experts say

An employee weighs gold rings at a jeweler’s in Hanoi. Vietnam’s central bank said last week that the government should consider levying a special consumption tax on gold. Photo: Reuters Experts say the central bank’s plan to impose a luxury tax on gold will not stop the public from hoarding the precious metal. They warn that such a move could in fact bring even more chaos to a market already fraught with dodgy practices and policy uncertainties. The State Bank of Vietnam said last week that even though the government will not ban gold holdings, it is necessary to restrict…

Vietnam State Bank To Buy Back Gold

HA NOI (VNS)— The State Bank of Viet Nam (SBV) has announced plans to buy back gold from the public in a bid to resolve the problem of gold hoarding by wary savers. Speaking before National Assembly deputies at their most recent meeting, SBV’s Governor Nguyen Van Binh said the scheme would be the main effort to mobilize gold from the public, safeguarding the country’s economic development, while also benefiting the gold owners. In addition, the central bank will reorganize gold bar purchasing networks by granting licenses to businesses and credit institutions which are…

SOFTS-Sugar hits 2-1/4 year low on Brazil’s harvest, cocoa drops

* Liffe, ICE cocoa drop below 200-day moving averages * Coffee steadies, Vietnam robusta harvest in focus * Brazil’s main center-south can belt far surpasses yr/yr output (Reuters) – Raw sugar futures closed at the lowest in more than two years on Thursday, as dry weather helped speed up harvest in top grower Brazil, while cocoa took a tumble on heavy spread trade and long liquidation. Coffee futures were firm along with the Thomson Reuters-Jefferies CRB index, a…