Post Tue, Dec 22 2020 2:50 AM EST. Exchange rates are bilateral, so the improvement in one currency means the decline of another; however, because the world is intertwined, changes in currency values can have far-reaching consequences, which could impact the levels of imports and exports. Some ways that a country can improve its currency is by purchasing its own currency and selling foreign exchange assets to do so. Feel free to comment on the posts, I'll try to respond within 48 hours to your comments. Why is Vietnam dong so low? Contact us! -Seneca. We have a plan for your needs. by InvestorNewb Wed Jul 22, 2015 9:02 pm, Post For the best MarketWatch.com experience, please update to a modern browser. Let me reiterate that; the Iraqi dinar and the Vietnamese dong do not fit into a retirement portfolio in any way, shape, or form. by ShiftF5 Wed Jul 22, 2015 8:49 pm, Post It might be worthwhile to talk to a tax advisor about selling the currency back and writing off the loss. So though a currency revaluation might be good for a country's currency, it makes its goods more expensive, possibly hurting the level of exports. Iraqi Dinar Guru News - Revaluation Updates and Facts, Iraq Currency Updates - IQD RV News Recaps and Detectives Analysis. I contribute to many blogs. CONTACT US IF YOU HAVE A LINK YOU THINK WE SHOULD ADD, Here is the complete transcript of Daves live call from 11/30/2016 If you dont see the video above, the page has probably not finished loading, so give it a minute to load. Did she ever receive any bills for service? Such estimates of a future trend are difficult to predict, as we cant tell the future and the best we can do is make educated guesses. If it don't go up, don't buy it. Create a list of the investments you want to track. While this may not work out for everyone or every situation, its worth trying to save a few tax dollars from the ordeal. They sell counterfeit currencies, which will be absolutely worthless if people ever try to redeem them.. What is the Dong expected to revalue at? For example: "1000000 vnd to usd" (or whatever currency you use), and you'll get the result. Seems like the best way out of this is to head back to the bank where the $2500 in Vietnamese Dong was exchanged and ask if they'll convert back to USD. The most plausible reason for the Vietnam dong to appreciate is that the demand for foreign currency is not large enough, while the supply of foreign currency is quite abundant. 3 Reasons Why Aluminum is a Better Fencing Material than Wood. There's a gap between how a . Rapid Update #Shorts Dose on Vietnamese Dong Currency Investment \u0026 Economy. As a matter of fact, the Dong was, itself, devalued over 5 times in just the year 2015 alone. by spectec Thu Jul 23, 2015 6:46 am, Post Your mom is lucky. (Ralph Waldo Emerson). Ask Larry: Do I Need To File And Suspend My Social Security at 66? After the outbreak of the Covid-19 pandemic, Vietnam lost its net revenue from tourism to the tune of almost US$5 to 6 bn. The Brits are certainly smiling in Vietnam if you factor in the rise of the Pound against the Dollar as well. I got just under 36000 VND to 1 the other day. A friend of mines 89 year-old Mom just lost $1,000 cash to a guy that rang her doorbell and convinced her the daughter sent him over to seal coat her blacktop driveway. watch now. She was also kind enough to gift me a million dongs that I have no idea what to do with. A currency revaluation seems unlikely, due to economic turmoil and the difficulty of trading the money outside of Iraq. Learn also about the latest attempts on Putin and by whom. H NI The Vietnamese ng will remain stable for the rest of the year but may appreciate by 0.5 per cent in 2021, VNDirect Securities Corp forecast.. by ShiftF5 Wed Jul 22, 2015 9:02 pm, Post I am concerned about what happens in the future. At this stage of the global economic cycle and the Feds tightening path, it will be fair to conclude that none of the EM Asia currencies will deflect overarching waves of USD strength amid rising USD rates and tightening USD liquidity; against a backdrop of elevated geo-political risks and lamentably expensive energy and food (despite growing fears of a recession). The State Bank of Vietnam sets the reference rate for the value of the dong against the US dollar. They dont just shell out $50-$60 for a cool million. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. -John Maxwell. Another source, who chooses to remain anonymous, painted a vivid picture to keep in mind as you probe the depths of this scam. Currently, the US dollar is standing at a high level. Nazim told state-owned al-Sabah newspaper that the This rise in interest was encouraged by the countrys recovering economy, and more tourists exploring this beautiful, budget-friendly country. Generally speaking, politically stable countries with minimal risks of any kind of turmoil are more attractive to foreign investors. A street money exchange (RAMZI HAIDAR/AFP/Getty Images). The Vietnamese Dong is expected to trade at 22950.00 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Visit a quote page and your recently viewed tickers will be displayed here. That would be a really elaborate plan to mug someone. While the USDVND spot exchange rate is quoted and exchanged in the same day, the USDVND forward rate is quoted today but for delivery and payment on a specific future date. At the same time, the value of Vietnam's foreign exchange reserves as reported by BIDV Securities Joint Stock Company (BSC), have reached US$105 bn. The dong has been devalued five times since 2014 with the aim of boosting exports and ensuring currency stability to control high inflation. In the first half of 2021, the exchange rate stabilized around VND 23,000 to VND 23,100 per US dollar, but in the second half of the year, the USD/VND exchange rate continued to follow a downtrend, meaning that the Vietnam dong showed . Analysis by Malaysia-based Maybank expects Vietnams GDP to grow by 8% in 2022, up from a previous forecast of 6.9%, supported by retail sales on an improved labour market and the return of tourism following Covid-19 lockdowns. But the dollars rally in 2022 lifted the pair to a record high in September, reaching 23,513 on the last day of the month. The direction of the dong could depend on the strength of the US dollar, how demand for exports from Vietnam are affected by a slowing global economy, and monetary policy in Vietnam, among other factors. The weakness in the Vietnamese currency is a reflection of the strength of the dollar, as the dong has strengthened against the euro, British pound sterling, Australian dollar and Japanese yen as those currencies face greater macroeconomic challenges. Hassan Nazim said on Monday (September 6) that the price of US dollar against So, the dong does not appear to be a good investment based upon its risk-reward profile either.. At one point, the US Dollar Index (DXY) measured the dollar volatility with six other key currencies, namely, EURO, JPY, GBP, CAD, SEK, and the CHF. Has anyone here ever had a legitimate transaction that required a fingerprint? "I believe the State Bank of Vietnams attention to these issues over time not only will address Treasurys concerns, but also will support the further development of Vietnams financial markets and enhance its macroeconomic and financial resilience," Yellen said in the statement. Negosentro is an advocacy blog site for Asians around the world to be well-educated about trends and events in entrepreneurship. The unrealized gain or loss transactions that are created during the revaluation process are system-generated. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. - Will Rogers. Furthermore, they are part of a regulated industry and available for purchase at a few major US Banks. By 2020, something unexpected happened when the Vietnam dong increased slightly by 0.2% against the US dollar. Pressure on currencies According to many analysis, the current movement of foreign currency cash flow will help increase foreign exchange reserves and also serve as a foundation and resource for the State Bank of Vietnam to continue to operate proactively and flexibly in the future. The Vietnamese government aims to keep the value of the dong relatively stable to encourage exports and foreign investment. The major market events for the week ahead right in your inbox. It might be easy to find someone to buy your house cat, but finding a suitable home for a tiger would be much more difficult.. How old is your mother? by Grogs Thu Jul 23, 2015 7:50 pm, Post He said that the former government did not dare to take this All contributions, guest posts, and sponsored posts will be deemed owned by the publication and its owner/s. Treasury Vault offers the ability to buy Vietnamese dong at the lowest prices.Our foreign currency prices are updated to stay consistent with current prices. In a recent interview, Mr. Ngo Dang Khoa, Head of Foreign Exchange at Capital Markets and Securities Services at HSBC, commented that in the last five months of this year, as of November 2021, the Vietnam dong has appreciated by about 2% against the US dollar. According to Mark Whitmore, founder and portfolio manager of Whitmore Capital, LP - a hedge fund that invests exclusively in currencies the likelihood of either currency ever trading on a par value to the US dollar is preposterous. He says that dinar advocates often note that Kuwaits currency appreciated hundreds of percent after Iraq left the country following its failed invasion. Both monetary units are often referred to as scam currencies for good reason. We create and curate the best articles that will help Asians achieve financial independence. The Vietnamese Dong is currently trading at about 22,700 per US Dollar. 5.99%. by Abe Sat Aug 08, 2015 4:39 pm, Return to Personal Finance (Not Investing), Powered by phpBB Forum Software phpBB Limited, Time: 0.275s | Peak Memory Usage: 9.81 MiB | GZIP: Off. Click on the button below to get started. We work hard to stay up-to-date to the every changing needs of our customers, and to meet them perfectly. Global Currency Reset - Financial News. New Dong Currency Update. Also propping up this bad strategy are the media sources reaping big advertising dollars from dealers in dinar and other exotic currencies for stories that support the idea that these securities will revalue, and soon. The expectation is also there that the US Federal Reserve (Fed) will tighten monetary policy, and raise interest rates. by Gardener246 Thu Jul 23, 2015 12:19 am, Post Let me reiterate that; the Iraqi dinar and the Vietnamese dong do not fit into a retirement portfolio in any way, shape, or form. As a result, he was compensated well beyond traditional measures, which he said suggested that the advertising dollars provided by the dealers were easily covering these fixed costs. The expectation is also there that the US Federal Reserve (Fed) will tighten monetary policy, and raise interest rates. "Yes, investing is simple. In fact, the most compelling part of situation is that both the Iraqi and Vietnamese currencies are legitimate and tangible. by dolphinsaremammals Fri Jul 24, 2015 4:55 pm, Post However, it should be known that the currency of Vietnam has actually been devalued over the past few years. Have Watchlists? This currency entered the South area six years later, in 1953. Negosentro.com respects your privacy. Accordingly, the balance of trade in goods in last eleven months is estimated at a surplus of US$225 mn. FocusEconomics Consensus Forecast panellists expect the dong to trade at 21,812 per USD at the end of this year. The Vietnamese dong, just like any other currency, keeps fluctuating based on different elements which cant be estimated precisely every time. A trade surplus and moves by the State Bank of Vietnam (SBV) have supported the dong against other currencies such as the euro (EUR), which is facing its own pressures stemming from the Russia-Ukraine conflict and an economic slowdown. What drives the value of the Vietnamese dong, and what is the outlook for the currency's future? According to the State Bank of Vietnam branch in Ho Chi Minh City, the amount of remittances to the City in the last eleven months is estimated at US$6.2 bn and for the whole year they are estimated from US$6.5 bn to about US$6.6 bn. Countless warnings and blood soaked war stories are prevalent online, but to my surprise investors continue to fall for it, throwing good money at a very bad idea. However, the Vietnam dong is one of the few currencies in the region that has appreciated against the US dollar since the beginning of the year, which is a rare case in the foreign exchange market. by corn18 Thu Jul 23, 2015 7:11 am, Post I know (albeit indirectly) the secretary to the President and a number of similarly well-connected people. "Optimum est pati quod emendare non possis." Share your thoughts in the comments below, The State Bank of Vietnams (SBV) decision to raise key policy rates by 100bp on 22 September exceeded our expectation that these rates would rise by only 50bp by end-2022. Shocking Revelations about The Coming Dinar, Dong and Dollar re-Evaluations. I wouldn't let a loved one meet these crooks face to face. Two transactions might be created, one for the accounting currency and one for the reporting currency, if a reporting currency is relevant. If banks in the US choose to trade them, they make the spreads very wide so that they can make a large enough profit to justify the potential holding period., Scott Smith, Senior Market Analyst for Cambridge Global Payments highlighted another reality facing investors in these currencies. These videos are for entertainment purposes only. For 2016, the panel projects the dong to trade at 22,108 per USD. With transaction fees and spreads included, one would have lost money if they bought either the dong or dinar 10 years ago. Risk warning: onducting operations with non-deliverable over-the-counter instruments are a risky activity and can bring not only profit but also losses. The Vietnamese dong (VND) is the official currency of Vietnam. by obgyn65 Thu Jul 23, 2015 3:43 am, Post Copyright 2023 MarketWatch, Inc. All rights reserved. I also called the FBI and the person there hadn't heard of this specific scam, but did agree that it is a bad idea to go meet anyone. On top of all that, try finding someone to sell that currency to in order to recapture your USD. PEO vs Staffing Agencies: Which Is Right for Your Business? Learn also about the latest attempts on Putin and by whom. By 2020, something unexpected happened when the Vietnam dong increased slightly by 0.2% against the US dollar. When you run the revaluation process, the balance in each bank account that is posted in a foreign currency will be revalued. This is where greed enters the scam and investors compound their losses. This corresponds to the State Bank of Vietnam twice lowering the buying price of the US dollar. So I invested around 60 and if it happens this will be worth nearly a million pounds. Currency revaluation is usually good for the country that does the revaluation as it increases the value of the currency. It influences its strength as its associated with a change in the markets stability. Prepare to run foreign currency revaluation. After WWII, North and South Vietnam replaced the French Indochinese piastre with the North Vietnamese dong and the South Vietnamese dong. Thanks for posting. Scores of people have purchased Iraqi dinars from fast-talking promoters and online currency dealers promising windfall profitssome predicting as much as 1,000 times their original investmentwhen the currency is revalued. The unofficial black market exchanges were trading Kuwait dinar at huge discounts to individuals who panicked thinking that Kuwait could be annexed by Iraq and Kuwaits currency might be abolished. As it turned out, there was no revaluation and, thus, no basis for the kind of "relief rally" that would-be sellers suggest will eventually happen. On the other hand, a decrease in demand can weaken the currency. However, he found the exchange rate much higher at Vietnam's . In my opinion, they dont fit anywhere! $2500 isnt that much to get scammed. History also suggests buying dinars and dongs is not an effective buy-and-hold strategy either. -0.00001. DO YOUR OWN RESEARCH. The dinar became 99.3% less valuable overnight. Reid Kirchenbauer of InvestAsian.com says, The dinar and dong, along with many other thinly traded currencies, are hard to get at a fair price in the United States. One US bank Kirchenbauer called was offering one million Vietnamese dong for $56.90, which works out to 17,574 VND per dollar. $100 was at 147,550 Iraqi dinars as of Monday afternoon. What Whitmore drives home, though, that its an apples to oranges comparison. I share my thoughts and ideas I pick up from everywhere I go. I just wanted to get this transcript of the 2 [], I was invited, or more like urged to be on the Wingit Call on 10/25/2016. According to many analysis, the current movement of foreign currency cash flow will help increase foreign exchange reserves and also serve as a foundation and resource for the State Bank of Vietnam to continue to operate proactively and flexibly in the future. Similar to political stability, a strong economic environment can attract investments. In my opinion, they dont fit anywhere! For example, when Iraqi oil production was at its all-time high, he was instructed to write an article arguing that this was great news for dinar. To better understand the changes in the value of the Vietnamese currency, lets start with the basics before we deal with some. One financial expert believes that the risk to the Vietnam dong also lies in the fact that the yuan can reverse suddenly when the Fed narrows quantitative easing due to rising inflation. | "All I need are some tasty waves, a cool buzz, and I'm fine." It is issued by the State Bank of Vietnam.The dong was also the currency of the predecessor states of North Vietnam and South Vietnam, having replaced the previously used French Indochinese piastre. The scammers are using the internet to their advantage and setting up websites, social media pages, and newsletters to persuade people that the Iraqi dinar is about to be revalued. Also, there are many factors in play that affect exchange rates and a currencys value, such as a countrys economic performance, the prospect of inflation, capital flows, and plenty of others. For inquiries, please Contact us! interest of the countrys economy. There are no signs that Iraq may revalue the dinar in the immediate future. Amazing that people of sound mind (I'm perhaps assuming a lot here) fall for these things. At the same time, the Vietnam dong may face pressure against a stronger greenback in the international currency market. Join the 480.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: One cannot enlighten the unconscious. Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills. Its like shopping for a house cat, but buying a tiger instead, and then finding out you are allergic to cats. This was due to the countrys division into north and south after World War II. This year, Vietnam received a substantial flow of remittances. Rapid Update #Shorts Dose on Vietnamese Dong Currency Investment & Economy. It was introduced in 1946, by the North Vietnam Government, and replaced the French Indochinese piastre. If you're curious about what Vietnamese money looks like, check out the video. According to expert forecasts, the USD/VND rate will increase slightly to VND 22,900 per USD in the fourth quarter of 2021; to VND 23,000 per USD in the first quarter of 2022; to VND 23,100 per USD in the second quarter of 2022; and VND 23,200 per USD in the third quarter of 2022. |. This currency entered the South area six years later, in 1953. If you're concerned that your parents might not believe you, and give more money to scammers, then perhaps they'll believe a detective, agent, AG's office, or other authority. However, message me below in the comments and I will post some of them. Federal Budget Law to 1,450 Iraqi dinars per US dollar. What are the advantages of position analysis questionnaire? Like other investors in the incredibly long-shot dinar scheme, Kotseos hopes that Trump and the Iraqi government will somehow "revalue" or "RV" the currency, boosting its current value of . and get more in-depth about this exotic currency. A currency revaluation increases the value of a currency in relation to other currencies. Iraq devalued the dinar significantly as a part of the 2021 Rumors of an (IQD) revaluation have been around for a number of years and they continue to attract a substantial number of believers. Start working with the reports used by the worlds major financial institutions, multinational enterprises & government agencies now. As a matter of fact, the. Prior to this, South Vietnam was also dominated by piastre notes. I live in Vietnam. The move came after the Fed raised interest rates by another 75 basis points, prompting a number of central banks to also raise rates last week. Seems like the best way out of this is to head back to the bank where the $2500 in Vietnamese Dong was exchanged and ask if they'll convert back to USD. Copyrights 2023 All Rights Reserved by Assets assistant Inc. Producers and traders now benefit from a low interest rate on their loans and an increasing deposit rate. While the sheer terror of realizing you may have lost a boatload of money after buying a foreign currency is bad enough, the source regretfully informed me that, Some dinar dealers are even more unscrupulous than the advertisers. Cookie Notice (). My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest). Opinions expressed by Forbes Contributors are their own. Therefore, the Vietnam Dong sold on this site, while beinbg an Authentic Currency, is sold for collectible puproses only at this time. by greg24 Fri Aug 07, 2015 4:28 pm, Post Feel free to comment on the posts, I'll try to respond within 48 hours to your . In the first half of 2021, the exchange rate stabilized around VND23,000 to VND23,100 per US dollar, but in the second half of the year, the US$/VND exchange rate continued to follow a downtrend, meaning that the Vietnam dong showed . So I thought it was worth a gamble. The HSBC research team predicts that in 2022, the USD/VND exchange rate will reverse to VND 23,000 per USD. Considering the law of supply and demand, the supply of US dollar is high but the demand is small, and the buying price of the US dollar will be cheaper inevitably. All factors that seem to make investing in either of them a very credible and enticing opportunity to outsmart Wall Street, best fellow investors, and get rich quick by uncovering secrets the government doesnt want us to know. dinars. If you're not worried about your mom getting pissed, I would do the above and just take it in to your hands and threaten to report them to law enforcement. Depending on future circumstances, the Vietnamese official currency could see a rise in its value, but it depends on the further development of the ongoing global health crisis and the pace at which the global economic and business environment will improve.
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