Vietnam devalues dong to boost exports as regional currencies fall

Hanoi

THE State Bank of Vietnam has devalued the dong for the second time in seven months as regional currencies decline, seeking to support exports that have sustained the country's economic growth.

The central bank weakened its reference rate one per cent to 21,458 dong a dollar, effective Wednesday, it said on its website late on Tuesday. The currency is allowed to trade as much as one per cent either side of the fixing. It was poised for its biggest drop since it was last devalued, also by one per cent, last June 19.