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.


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