Vietnam’s devaluation of the dong on Friday by about 7 percent, the most since at least 1993, needs to be followed with steps to curb inflation, the International Monetary Fund and Citigroup Inc. said.
The dong slumped to as weak as 20,893 per dollar, compared with 19,490 on Feb. 10, and closed at 20,875 in Hanoi on Friday. The State Bank of Vietnam fixed the reference rate for the currency at 20,693 versus 18,932 the previous day, or 8.5 percent weaker. The trading band for the currency was narrowed to 1 percent on either side of the rate from 3 percent previously.
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