Vietnam to cut dong deposit ceiling to 9 pct

Vietnam’s central bank may cut the ceiling rate on dong deposits by 2 percentage points to 9 percent later this year to help boost lending to facilitate economic growth, a state-run newspaper said on Friday.

he downward adjustment would be the last in 2012, the central bank was quoted by the ruling Communist Party-run Nhan Dan (People) daily as telling bankers at a meeting on Thursday.

The central bank has cut the ceiling rate on dong deposits three times so far this year, having lowered the highest rate banks could pay depositors to 11 percent after inflation had eased. The latest move had been in effect since Monday.

Reuters

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