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 Vietnam - Central bank to keep current interest rate cap

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lexie
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PostSubject: Vietnam - Central bank to keep current interest rate cap   Wed Dec 14, 2011 9:18 am

December 14, 2011

Central bank to keep current interest rate cap

The deposit interest rate cap of 14 percent a year will be kept until the end of this year, the State Bank of Vietnam told local commercial banks in a meeting last week.


This announcement dispelled the recent rumor that the ceiling would be reduced to 12 percent a year. Some banks had even confirmed this rumor, saying the new cap would be applied in December.

Many experts who had earlier expressed concerns about lowering the cap would agree with this move.

In an interview last month, the central bank’s Governor Nguyen Van Binh said if inflation rose at a pace lower than 1 percent for two months, the central bank might lower the cap.


At a regular press briefing earlier this month, Vu Duc Dam, Chairman of the Government Office, also called for a reduction of the cap as the Consumer Price Index had dropped.




http://www.vietfinancenews.com/2011/12/central-bank-to-keep-current-interest.html#more


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