Vietnam hikes rates, devalues dong

The State Bank of Vietnam's benchmark rate will soar two percentage points to 14% from Thursday in a bid to counter inflation, while the dong's value will plunge by almost 2%.

The policy tightening leaves the central bank with the highest rate in Asia. At 25.2%, inflation is at its highest level since 1992 and most analysts have welcomed the move.

It also devalued the dong, the value of which is determined by a managed float, by 1.96% from D16,139 to the dollar to D16,461 against the greenback

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: