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Updated Wednesday, December 26, 2007 0:00 am TWN, AFP

Vietnam widens currency trading band to 0.75 percent

HANOI -- Vietnam has widened the trading band within which banks can buy and sell the U.S. dollar, in a step to gradually relax the foreign exchange market, officials said Tuesday. The central bank sets a daily exchange rate of around 16,000 dong to the greenback on the interbank market, but on Monday allowed banks to trade at as much as 0.75 percent above or below that rate.

Previously, the trading band had been plus or minus 0.5 percent. It was the third change of the exchange rate margin since 2002, when the band was first widened from 0.1 percent to 0.25 percent.

“The expansion aims to set up a more flexible exchange rate, helping commercial banks respond to market demands,” said Nguyen Ngoc Lan, deputy director of the State Bank’s foreign exchange management department.

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