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Examples
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"Though the government has introduced various measures to control imports, monthly trade deficits have been rising fast so far this year, making the authorities come out with new steps to support the dong's value and improve foreign reserves," one executive at a commercial bank said.
Vietnam Asks State-Owned Firms to Sell Foreign Currencies Nguyen Pham Muoi 2011
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The central bank has cut the dong's value by 10% against the U.S. dollar since November 2009.
Vietnam to Ease Exchange-Rate Rules Vu Trong Khanh 2010
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The government, which tightly control's the dong's movement, has devalued it three times in the past 13 months.
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The government, which tightly control's the dong's movement, has devalued it three times in the past 13 months.
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The government, which tightly control's the dong's movement, has devalued it three times in the past 13 months.
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The dong's virtual dollar peg has helped give investors the confidence needed to invest in Vietnam.
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Later, the dong's tendency to follow the dollar contributed to an inflationary bubble as rising prices of oil and other commodities -- as well as Vietnam's unchecked growth -- began to affect the country's economy.
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The dong's virtual peg -- a narrow trading band set by the central bank that allowed the dong to rise or fall 0.75% a day -- helped provide investors with the confidence they needed to put money into a country that only began opening up to foreign business in the early 1990s.
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The dong's 12-month non-deliverable forwards closed at 22,910.53 a dollar as of 6 p.m. local time.
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The dong's 12-month non-deliverable forwards closed at 22,910.53 a dollar as of 6 p.m. local time.
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