Thread: Bank of America

Well Folks I To Just Got Off The Phone With Bank Of America In Lax And Was Told That The Order I Placed Thursday Night Looked Doubtdful And That I Would Be Notified Soon If They Were Unable To Honor. I Also Called Dinar Trade This Morning And Was Told They Just Ran Out And Would Offer A 10 Day Delivery Window. Lucky I Ordered From Them Last Night. My Order Is On The Way. The Dong Is Getting Shorter In Supply And Larger In Value.

I just got off the phone and was told the order should be fine. When pressed the person on the other end of the phone said all orders had been canceled. When pressed further and asked to verify my order from my confirmation number I was told. It is being processed today and will be sent out today Fed Ex. I was further told that because they had only large bills my order would be rounded down.
My order was for 12,830,000 and I will recieve 12,800,000. I asked if I could round it up at this time? Answer was no as they only had a limited amount of the large bills on hand.

Hope this helps to clarify. Let me know if anyone needs more info. I would say to CALL. and PRESS for DETAILS.

P.S. I called 1-888-660-0130 and made the guy talk to his supervisor before I got Confirmation on order being shipped.

I just got confirmation my order will ship today. Will fill my order with 50, 000 and 100,000. Should have it at my branch early next week.

I don't know where the rumor section is but I was told yesterday that with the signing of Article 8 that Article 4 is already done. I was told that there will be an economic meeting this Saturday and that they will move the rate to equal Tawian's and will move the dong up to around .03-.05 and will begin to float it up from there over time.

PAn8tv

They told me they only had 100,000 and 300,000. Interesting....

Originally Posted by strongtower

I don't know where the rumor section is but I was told yesterday that with the signing of Article 8 that Article 4 is already done. I was told that there will be an economic meeting this Saturday and that they will move the rate to equal Tawian's and will move the dong up to around .03-.05 and will begin to float it up from there over time.

I want to add that I have recieved this same info from 8 different sources.

Just got off the phone with Wells Fargo Foreign Exchange office.

The rep with whom I spoke said it would take 4-6 weeks to get them and that the current price is $72.93/million.

FWIW.

Chris

Originally Posted by strongtower

I want to add that I have recieved this same info from 8 different sources.

ST..

8 different sources? I marvel at some of you guys.. I like to think I am a pretty good networker, but about the only source that I have tells me when my trash pickup day is going to change..

Sheesh.. hope they're all right ST..

Randy

Dollar devaluates in world’s market, revaluates in Vietnam
17:24' 20/04/2007 (GMT+7)
VietNamNet Bridge – While decreasing in value against other hard foreign currencies in the world, the greenback price is escalating everyday in Vietnam’s market.



The Vietnam Bank for Foreign Trade (Vietcombank), the biggest foreign currency trader in Vietnam, yesterday announced the selling price at VND16,043/US$1, an increase of VND5 over last week’s level. In the black market, the dollar price has reached VND16,055/US$1. Meanwhile, the exchange rate announced by the State Bank of Vietnam was even higher, at VND16,118/US$1.

The greenback seems to keep increasing in value these days, while it declined sharply just one month ago, in late February and early March. At that time, foreign portfolio investment flow increased sharply, while the supply of dollars was profuse as a result of overseas remittances and export company deposits.

However, the situation has rapidly been changed, and the dollar price has been gradually escalating since mid March from the deepest low at VND15,991/US$1 on March 1 to VND16,050/US$1 on April 6 (the exchange rate announced by Vietcombank). The dollar value stayed firm in the next five days, then fell down to VND16,034/US$1 on April 10, but has bounced back since then, despite the dollar devaluation in the international market.

On April 18, the dollar value dropped to the deepest low in the last quarter of the century against the pound, and decreased considerably against Japanese yen and Canadian dollar. Analysts have attributed the dollar devaluation against other foreign currencies to the slow economic growth rate of the US economy and the fact that the US FED has decided to stop raising the key interest rate, while European and Asian economies are trying to tighten their monetary policies. The dollar value slide is believed will continue.

However, in Vietnam, experts have said that it is not likely the dollar will lose its value against the local currency. Boosting exports proves to be the priority task nowadays. This can help ensure a high economic growth rate and reduce the trade gap, especially as Vietnam has joined the WTO.

Meanwhile, on the WTO playing field, a lot of measures aiming to support exports like subsidisation schemes are prohibited. Therefore, developing countries always heavily rely on monetary policies to encourage exports, especially the exchange rate policy.

In theory, when the local currency of a country devaluates compared to foreign currencies, the exports of that country are cheaper and more competitive compared to the products of the same kinds on the market.
In 2006, Vietnam witnessed the export growth rate of 22%, while the dollar revaluated by 1% against the VND. The Ministry of Trade has set the target for the export growth rate of 20% for this year, and this proves to be a very ambitious target.

VietNamNet - Dollar devaluates in world’s market, revaluates in Vietnam

Dollars unwanted, why?
17:14' 05/01/2007 (GMT+7)
VietNamNet Bridge – Commercial banks are still buying dollars from export companies, but just at moderate levels. Meanwhile, exporters are being advised to keep dollars in their accounts. What is happening?



Since mid December 2006, the VND/US$ exchange rates quoted by commercial banks have been lower than the inter-bank rates declared daily by the State Bank of Vietnam, a quite strange thing.



Why so strange?





The problem lies in the fact that supplies of dollars are now abundant, while banks cannot purchase all the dollars they are offered.



In theory, the central bank acts as the final buyer and seller of foreign currencies to regulate the forex market. When supplies are abundant, the central bank has to buy dollars, and when supplies are short, it has to sell dollars, to keep the price stable.



Under the current regulations, commercial banks have to sell a part of dollars they hold if the volume exceeds the volume they are allowed to hold. Eximbank, for example, has the chartered capital of VND1,206bil, and it can hold the volume of foreign currencies of VND360bil, or $22mil (30% of chartered capital). If the total volume of dollars Eximbank buys in a day exceeds the $22mil threshold, the bank will have to sell the surplus sum to the central bank.



Nevertheless, the central bank has unexpectedly reduced the amount of dollars it has purchased in the last weeks. A source said that the central bank had been buying just 2mil dollars a day, and sometimes refusing to purchase from banks.



As a result, commercial banks have no other choice than reducing and even stopping buying dollars. If they buy all the dollars they are offered, their forex position would exceed the allowed level and they would be punished by the State Bank. Meanwhile, supplies of dollars are abundant: exports are high, which can bring large volumes of dollars, the sums of money sent by Viet Kieu to their relatives in Vietnam (overseas remittance) are also high, at $4.5-5bil. In addition, a big volume of dollars will be brought into Vietnam by the Viet Kieu returning home on Tet and foreign tourists.



A representative from an export company said that his company was now losing VND20-30 per dollar when it sold dollars to banks.



Banks are not buying dollars at this moment for fear that they will incur losses when the prices decrease. However, the Vietcombank HCM City branch is still trying to buy $10mil a day in order to help ease difficulties for enterprises.



Will VND revaluate?



Why is the state bank refusing to buy dollars? A trustworthy source said that the quota for putting VND into circulation for 2006 has run out. The General Statistics Office (GSO) said that the consumer price index (CPI) rose by 6.6% in 2006 and the central bank fulfilled its tasks of curbing the inflation.



Experts guess that the central bank will soon resume buying dollars as there will be the quota for putting VND into circulation for 2007. If so, the dollar excess will be resolved.


An official from the State Bank said that the bank must consider pluses and minuses, and especially the possible impact on prices when buying or selling dollars. “The central bank must not let the VND revaluate,” the official said.



However, the dollar is a kind of commodity and its price depends on supply and demand. When supplies are high, the commodity price must go down, and the VND will revaluate against the dollar.



A question has been raised about what the VND/US$ exchange rate should be to ensure the suitable inflation rate, the currency value stabilisation, the supply and demand balance, while creating liquidity to the market. At this moment, exporters are complaining that the high VND value makes Vietnamese goods less competitive in the international market, and the revaluation of the local currency should not be prolonged

VietNamNet - Dollars unwanted, why?