Vietnam Devalues Currency Against Dollar
Dec. 27, 1988
BANGKOK, Thailand (AP) _ Vietnam has devalued its currency against the U.S. dollar for the second time this month, setting a new rate of 3,000 dong to one dollar, the official Voice of Vietnam radio said Tuesday.
The State Bank set the new rate Monday, said the report, monitored in Bangkok.
The rate set earlier this month was 2,800 dong to one dollar.
Vietnamese officials have said a more realistic rate against the dollar was needed to ease foreign investment and control inflation.
The black market exchange rate is at least 4,500 dong to the dollar.