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Central bank raises benchmark rate to 14 percent (12/06)
06/08/2010 - 19 Lượt xem
In an announcement on its Web site it said it has also increased the refinancing rate to 15 percent and the discount rate to 13 percent, marking a 2 percent increase in both.
The new rates will take effect today.
The central bank last month boosted the base rate from 8.75 percent to 12 percent.
The latest hike will enable banks to lift their deposit interest ceiling from 18 percent to 21 percent, since the Civil Law allows banks to set the dong deposit interest rate at a maximum of 150 percent of the benchmark rate.
The central bank also decided to lift the interbank average rate of the dong with effect from today from VND16,139 per dollar to VND16,461.
Banks are allowed to fluctuate within 1 percent on either side from that rate.
The state bank said it will intervene further to ensure liquidity on the currency market.
Central banks in the Philippines and Indonesia this month increased borrowing costs to tackle surging food and energy prices.
“Asian central banks are finally waking up to the fact that the inflation threat has to be dealt with before the need to support growth,” Bloomberg quoted Callum Henderson, head of foreign-exchange strategy at Standard Chartered Bank in Singapore, as saying.
Source: Thanhniennews
