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State Bank of Vietnam cuts key policy interest rates to boost growth

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The State Bank of Vietnam (SBV) reduced several policy interest rates beginning April 3. “In order to extricate the obstacles for the economy, businesses and citizens, the SBV decided a further cut on the policy rate,” it said in a statement on its website.

The rates were cut “amid continued global economic uncertainties that led to the nation’s slowing economic growth in the first quarter while inflation is under control and banks have a surplus of liquidity,” the statement read.

The State Bank of Vietnam reduced several policy interest rates from April 3 amid global economic uncertainties that led to slow economic growth in 2023 first quarter.
Refinancing rate was revised down to 5.5 per cent from 6 per cent, while the discount rate remains unchanged at 3.5 per cent.
The overnight electronic interbank rate remains 6 per cent.

The decision reflects an uncertain global outlook, with inflation in several countries high and the economic growth in the first quarter this year lower than those of the same quarters in previous years, the bank said.

Refinancing rate was revised down to 5.5 per cent from 6 per cent, while the discount rate remains unchanged at 3.5 per cent.

The cap on interest rates of dong-denominated deposits for duration between one month and less than six months was lowered to 5.5 per cent from 6 per cent, while the cap on the lending interest rates for short-term loans in some sectors was reduced to 4.5 per cent from 5 per cent, it said.

The overnight electronic interbank rate remains 6 per cent.

Fibre2Fashion News Desk (DS)


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