Chuck Kuhn's Asia in Photos: Vietnam pumps $278 million into money market

Saturday, February 23, 2008

Vietnam pumps $278 million into money market

HANOI: Vietnam’s central bank bought 4.46 trillion dong ($278 million) of debt from commercial banks on Friday, bringing the total cash it has pumped into the market this week to relieve a liquidity shortage to 34.46 trillion dong. The purchase for 21 days in open market transactions was at interest rates of 13 percent, down from 14 percent and 15 percent on Thursday when it bought short-term debt worth 10 trillion dong, central bank data showed. Liquidity in the market is tight and banks have been raising their interest rates since last month, partly to attract funds needed for higher reserve requirements. From Feb. 1 the central bank raised the level of reserves foreign and domestic banks must keep against their dollar and dong deposits of up to 12 months to 11 percent from 10 percent. The central bank has eased restrictions on bank loans to local stock market investors but, in general, it has moved to reduce cash in the economy to tame inflation and is forcing banks to buy Treasury bills worth 20.3 trillion dongs next month. reuters

No comments:

Post a Comment

They say "

“I can’t say what made me fall in love with Vietnam - that a woman’s voice can drug you; that everything is so intense. The colors, the taste, even the rain. Nothing like the filthy rain in London. They say whatever you’re looking for, you will find here. They say you come to Vietnam and you understand a lot in a few minutes, but the rest has got to be lived. The smell: that’s the first thing that hits you, promising everything in exchange for your soul. And the heat. Your shirt is straightaway a rag. You can hardly remember your name, or what you came to escape from. But at night, there’s a breeze. The river is beautiful. You could be forgiven for thinking there was no war; that the gunshots were fireworks; that only pleasure matters. A pipe of opium, or the touch of a girl who might tell you she loves you. And then, something happens, as you knew it would. And nothing can ever be the same again.”
― Graham Greene, The Quiet American

Tips on Travel to Vietnam

It's always warm in Southeast Asia apart from high mountains, so leave the heavy clothing at home. Cotton and breathable fabrics are always better than synthetics -- although cotton does wrinkle a lot when traveling! December through April is roughly the dry season in that region, although it can still rain a little. December is a good time to go in terms of temperature -- cooler than in the humid summertime. Either way, wearing more clothing (shirt sleeves and long pants) is always more respectful towards the Asian culture, especially when visiting temples and rural areas.