Vietnam to Keep Benchmark Interest Rate Unchanged for November
The State Bank of Vietnam, the country’s central bank decided Wednesday to keep the benchmark interest rate in November unchanged at 7% for the tenth consecutive month, the government said on its website.
Refinancing, rediscount and overnight lending rates will remain unchanged at 7%, 5% and 7%, respectively.
Governor Nguyen Van Giau of the SBV said at a conference reviewing subsidized loans in Ho Chi Minh City late last week that it will maintain the prime rate and compulsory reserves required among banks unchanged through year’s end and in early 2010.
“The move is based on forecast on stability of the monetary market in the coming months,” Giau noted.
At the end of this October, Vietnam’s total outstanding loans are expected to rise to 33.26% and total balances of payments to be up to 23.99%, Minister of Planning and Investment Vo Hong Phuc told lawmakers Wednesday. (Local sources)
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