A street money exchange (RAMZI HAIDAR/AFP/Getty Images). Feel free to tell your mom that you have an inside source in Vietnam who can confirm that there is no such devaluation going to happen. This year, Vietnam received a substantial flow of remittances. We have laid out our Privacy Policy and our Terms & Conditions in using this site. That would be a really elaborate plan to mug someone. Enter the amount of money to be converted from U.S. Dollar (USD) to Vietnamese dong (VND), it is converted as you type. Re: Parent caught up in forex (vietnamese dong) scam What should I do? Mum will be able to exchange her Dong for USD at any currency exchanger. 5.99%. The Trading Economics Application Programming Interface (API) provides direct access to our data. Producers and traders now benefit from a low interest rate on their loans and an increasing deposit rate. This was due to the country's division into north and south after World War II. I reached out to several currency exerts to help me explain the ins and outs of this ridiculous business in an effort to help retirees and other investors avoid falling victim to this and similar currency scams going forward. Join the 480.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: by Nicolas Fri Jul 24, 2015 11:21 pm, Post This rise in interest was encouraged by the countrys recovering economy, and more tourists exploring this beautiful, budget-friendly country. Vietnam struggled with a declining economy for a long time. This type of regime is standard for most major economies. by letsgobobby Thu Jul 23, 2015 1:01 am, Post On top of all that, try finding someone to sell that currency to in order to recapture your USD. 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 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. A million dongs seems to only be $45 so it's not something to worry about. A strong trade surplus has supported the dong against the euro, with the exchange rate declining to the 23,000 level from 25,800 at the start of 2022. Something went wrong while loading Watchlist. I often get calls asking about the Iraqi dinar. by spectec Thu Jul 23, 2015 6:46 am, Post According to expert forecasts, the USD/VND rate will increase slightly to VND 22,900 per US$ in the fourth quarter of 2021; to VND 23,000 per US$ in the first quarter of 2022; to VND 23,100 per US$ in the second quarter of 2022; and VND23,200 per US$ in the third quarter of 2022. Discussions about the Iraqi dinar scam are constantly surfacing on accounting forums. On March 24, Director at Iraqs Central Bank Mahmud Dagher I would email the scammers back on your Mom's behalf and tell the that you will be reporting them to local law enforcement and the FBI and also monitoring her email and that any further communication from them will be forwarded directly to the authorities. VND - Vietnamese Dong. by Watty Wed Jul 22, 2015 9:40 pm, Post 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. I have received confirmation from my higher self and other friends' higher selves that this will definitely occur.https://creatorsourceenergy.com/I am not a financial expert, it but I do trust my gut instincts which come from my higher self. by TimeRunner Thu Jul 23, 2015 8:04 am, Post by corn18 Thu Jul 23, 2015 7:11 am, Post I just saw the whole thing about going to do anther state, now it's a safety issue too. Below, you'll find Vietnamese Dong rates and a currency converter. What will be the value of Vietnam dong in 2022? 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 Flashes1 Thu Jul 23, 2015 9:06 pm, Post Realizing that these currencies are illiquid, thinly traded and much easier to buy than sell is just the first step in debunking them as viable investment options. Currently, the US dollar is standing at a high level. Please note, there are more [], Dinar Inc Iraq Currency Dealer From Florida, Dinar Vets Hacked Website Warning Adam Montana. Rumors of an (IQD) revaluation have been around for a number of years and they continue to attract a substantial number of believers. Will the Vietnamese Dong be Revalued Soon? ^^^ Leave that for the professionals (FBI, etc.). 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. VNDZAR. I use these products and if they are awesome, then you should know about it! We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. by fidobogo Wed Jul 22, 2015 9:26 pm, Post It follows a sharp rise in US interest rates and weakening global demand prospects, which have increased the risk of capital outflows and contributed to downward pressure on the Vietnamese dong, although the currency has weakened by less against the US dollar than many other APAC currencies this year,. Prior to this, South Vietnam was also dominated by piastre notes. Amazing that people of sound mind (I'm perhaps assuming a lot here) fall for these things. The value of the Vietnamese dong against the US dollar gradually declined from the 2014 devaluation, when it was trading around 21,000, to around 23,600 in March 2020as investors sought the safe haven of the USD at the start of the Covid-19 pandemic. by Taylor Larimore Wed Jul 22, 2015 8:58 pm, Post In this article, we look at recent exchange rates trends and some of the latest Vietnamese dong predictions from analysts. At the beginning of 2021, this index was only at 90.535 points. In addition to these four factors, large-scale events that impact the overall economy, its competitiveness and profitability, can also alter the value of a currency. Shocking Revelations about The Coming Dinar, Dong and Dollar re-Evaluations. by JW-Retired Wed Jul 22, 2015 8:53 pm, Post It was introduced in 1946, by the North Vietnam Government, and replaced the French Indochinese piastre. ", The Vietnamese central bank said the focus of its monetary policy framework is "to promote macroeconomic stability and to control inflation. When the Fed helps in appreciating the dollar, it causes a downward pressure on other currencies, including the Vietnam dong. 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. by Nicolas Fri Jul 24, 2015 7:02 pm, Post Ask Larry: Will Not Working Before Claiming Social Security Reduce My Benefit? 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. The unrealized gain or loss transactions that are created during the revaluation process are system-generated. Since 2001, the Vietnam dong has always depreciated against the US dollar in nominal terms, averaging about 2.5% per year. The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. 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. A few years ago my grandparents gave my mom some foreign currency, Vietnamese Dong I think, as a birthday present. Subscriber Agreement & Terms of Use | It influences its strength as its associated with a change in the markets stability. 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. Hassan Nazim said on Monday (September 6) that the price of US dollar against She was also kind enough to gift me a million dongs that I have no idea what to do with. Analysts at Maybank noted at the end of August that USD strength has persisted for a tad longer than expected While the VNDs support from trade surplus may not be entirely relied on given weakening external demand, we like to remain constructive on the VND based on its strong economic outlook that can continue to sustain inflows (portfolio/direct investment).. As you can imagine, that would make those holding either currency instant millionaires overnight. At the same time, the Foreign Direct Investment Capital (FDI) registered in Vietnam as of 20 November 2021, includes newly registered capital, adjusted registered capital, and the value of capital contribution and share purchase by investors. Source: TradingViewPast performance is not a reliable indicator of future results. What does this even mean? 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. Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. 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. What Whitmore drives home, though, that its an apples to oranges comparison. Analysts had expected the SBV to increase rates, but 100 basis points was higher than previous hikes and higher than other countries in southeast Asia. Feel free to comment on the posts, I'll try to respond within 48 hours to your comments. Following the SBVs net withdrawal, the overnight interbank interest rate rose by 40 basis points (bps) to 4.9% last week. The VND forecast against the euro from Trading Economics indicated that the EUR/VND pair could move down to 22,011 in one year, from 22,714.40 at the end of the third quarter. This makes the purchase of foreign goods in foreign currencies less expensive to domestic importers. However, he found the exchange rate much higher at Vietnam's . Opinions expressed by Forbes Contributors are their own. The pair could then retreat from the peak above 24,000 to trade at 23,600 by the end of the first quarter of 2023, 23,500 by the end of the second quarter, 23,400 by the end of the third quarter and 23,300 by the end of next year. The Vietnamese economy has benefited from a shift in manufacturing out of China in response to the US-China trade war in recent years, increasing its exports of electronics, clothing and furniture. | "All I need are some tasty waves, a cool buzz, and I'm fine." The last series of the notes entered the market in 2003. Another source, who chooses to remain anonymous, painted a vivid picture to keep in mind as you probe the depths of this scam. The SBV has been selling large amounts of US dollars from its foreign exchange reserves and has withdrawn trillions of dong through open market operations to maintain banking system liquidity and indirectly increase interbank interest rates. 3 Reasons Why Aluminum is a Better Fencing Material than Wood. 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