Vietnam slashes rates in bid to kick-start economy

Hanoi Vietnam

The State Bank of Vietnam today cut each of its two main policy interest rates by 100 basis points, saying that while inflation and other macro indicators have stabilised, production levels and businesses are still struggling.

The refinancing rate will come down tomorrow from 9% to 8% per annum, and the discount rate will fall from 7% to 6%. The overnight inter-bank rate is also cut by 100bp from 10% to 9%.

The bank's statement said CPI inflation fell by 0.19% in March compared with February

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