01 Apr '11, 5pm

Vietnam raises key rate again in inflation fight

Vietnam raises key rate again in inflation fight

HANOI : Vietnam stepped up its battle against Southeast Asia's highest inflation on Friday, raising a key interest rate for the third time in less than two months. The refinancing rate, which sets the cost of commercial lenders' borrowings from the central bank, was hiked to 13 percent from 12 percent, the State Bank of Vietnam (SBV) said on its website. It said the rise will be effective from April 1. SBV did not give a reason for its decision but economists say the government has been tightening monetary policy to fight inflation, which it has called its number-one priority. Prior to a series of rate hikes that began in mid-February the refinancing rate was nine percent. The discount rate, which applies to more urgent borrowing, is unchanged at 12 percent while the base rate remains nine percent. Economic stabilisation, rather than growth, has become the government's mai...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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