Vietnam scraps ceiling rate on corporate dollar deposits
Vietnam's central bank said late on September 27 it was abolishing the interest rate ceiling on dollar deposits offered by banks to organisations and companies, which previously stood at 0.25%, in an attempt to avoid dollar hoarding.
The interest rate ceiling on dollar deposits by individuals will be cut to 0.25% from 0.75%, the State Bank of Vietnam said in a statement, citing a directive signed on September 25.
The new rate policy, which takes effect from September 21, was issued "to prevent the hoarding of foreign currencies" and was also based on the development of the country's money and foreign exchange markets, the central bank said.