Vietnam’s Central Bank, the State Bank of Vietnam, will cut its key policy rate to 5.5% from its previous 6% rate as the nation looks to spur lending by banks amid its efforts to bolster struggling economic growth, Bloomberg reports on Tuesday.
The State Bank of Vietnam’s deposit rate will be cut to 5.5% from its previous 6% rate, which will take effect tomorrow, said Nguyen Thu Ha, the deputy chief of monetary policy during a briefing today in Hanoi, according to Bloomberg.
Vietnam’s Prime Minister, Nguyen Tan Dung, has continuously urged the monetary authority to boost lending to aim for 12% to 14% lending growth this year, Bloomberg said.
Source: Bloomberg
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