“RV Rectification and Specification and When” by David Harkness – 1.11.22

Entry Submitted by David Harkness at 7:22 PM EST on January 11, 2022

Dear Vietnamese currency holders, some interesting activity on these currencies took place at the Federal Reserve on the 3 January 2021 at 4.15pm.

I draw your attention to the link below you will notice that the Vietnam and Indonesian currencies and not listed in name. 

The are listed under EME Emerging Market Economies.

https://www.federalreserve.gov/releases/h10/current/default.htm

I now draw your attention  to the next  a page that is generally overlooked.

https://www.federalreserve.gov/releases/h10/weights/default.htm

This page demonstrates a value of 2.337 you may  ask what does this mean .

It indicates that 2.237 Dong buys 1 USD  or conversely  I Dong is worth 0.447c USD   

This is the carrying value of the Dong at Fed Treasury for their economic purpose not the Public Rate that is displayed at the UN 0.000044c USD.

This leads to a photo displayed on JP Morgan Chase website. This suggests the 1000 Dong was worth 0.43330 c USD before commission on buy sell.

What has been expected for a long time is that the Fed Reserve would declare their public rate that was 1.761 or 0.5678c but they had to down value  on the 3 January 2022 and back dated by 2 years.

This is very strange but the reason is explained further down.     

The Fed Reserve may instruct the USA Banks like JP Morgan Chase to remove 3 zeros on their quoted  price so the public become aware of their true carrying value not disclosed to the public.

Most banks no longer quote the Dong currency as a Revaluation is expected for a long time.

Now we get to the UN and their treasury page.

https://treasury.un.org/operationalrates/default.php

This front page makes interesting reading please note next RV is set for 12 January 2022 effective 14 January 2022.   

You will notice on 1 October 2021 the Venezuelan Central Bank agreed with the UN Treasury to remove 6 zeros revaluing their currency at 0.25c USD at this time.

You will see below that this currency is quoted a 4.58 which is now 0.2183c USD.

https://treasury.un.org/operationalrates/OperationalRates.php

The UN Treasury receive the currency feeds daily from the link below, they receive their rates of the Central Banks.

http://www.floatrates.com/currency-usd.html

You will see the value of the Dong at 0.000044c USD.

Whilst the Central Bank of Vietnam could not agree with their RV at the Fed Treasury at the higher rate implied the UN seems to have agreed with removing 4 zeros.

It should be noted that during the last 6 months the Central Bank of Vietnam repurchased 30 Billion Dong at an unknown price paid from USD Reserves and removed the currency from circulation increasing the net tangible asset value from 0.35c USD to a price of 0.4375c USD, this is another reason for the delay.

The Fed Treasury therefore needs to fall in to line which they did this is a good sign.

One would now hope that the UN will do the RV for the Don on the 12 January 2021.

Fingers crossed.

Kind regards,

David Harkness

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