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Vietnam central bank to cut reserve interest rates from Sep 1 -state media

Vietnam central bank to cut reserve interest rates from Sep 1 -state media

FILE PHOTO: The State Bank of Vietnam building is seen in Hanoi, Vietnam September 8, 2017. REUTERS/Kham

HANOI : Vietnam's central bank will cut the interest rate it pays on non-compulsory USD-denominated reserves held at banks to 0per cent from 0.05per cent a year from September, state media reported on Friday.

The rate the central bank pays for all dong-denominated compulsory deposits held by banks will be cut to 0.5per cent from next month, the official Vietnam News Agency said, from the current range of 0.5per cent-0.8per cent.

The rate it pays for compulsory USD-denominated reserves will remain at 0per cent, according to the report, which cited a central bank document.

The central bank last cut its reserve interest rates in August last year to help prop up the country's virus-hit economy.

(Editing by Ed Davies)

Source: Reuters

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