The State Bank of Vietnam has said it would cut the refinancing rate by 50 basis points to 5.5 percent from Monday in the latest policy move to support economic growth.
The discount rate will be kept unchanged at 3.5 percent and the overnight lending rate in the inter-bank market will remain at 6 percent, the central bank said in a statement on its website.
After the release of official data showing Vietnam’s economic growth slowed to 3.32 percent in the first quarter, lower than an annual expansion of 5.03 percent in the same period a year earlier, the central bank signaled it might cut its policy rates further to support growth.—Xinhua
