State Bank raises several key rates

The State Bank of Viet Nam yesterday announced an increase in several key interest rates, effective tomorrow. The refinancing rate will increase from 13 per cent to 14 per cent per year and the rediscount rate will also increase by 1 per cent to 13 per cent. Both interbank overnight rate and the rate for short-term loans to cover the clearance transactions between the central bank and commercial banks have also been set at 14 per cent per year. This is the fourth time this year the central bank has adjusted interest rates.

(Source: VNS)