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State Bank raises prime rate   2008-01-31 - VNS

The State Bank of Viet Nam yesterday decided to raise three key interest rates which have remained unchanged since December 2005.

HA NOI — The State Bank of Viet Nam yesterday decided to raise three key interest rates which have remained unchanged since December 2005.

The prime rate was set at 8.75 per cent per year, up 0.5 per cent, while the refinancing rate was set at 7.5 per cent per year, up 1.0 per cent and the discount rate at 6.0 per cent per year, up 1.5 per cent.

The move was expected to help tighten monetary supplies and control inflation, the bank said, as well as better align official and market rates since the old rates had fallen below interbank rates.

"Over the next few months, capital supply and demand will not fluctuate unusually and consumer prices will remain under control, while global interest rates will decrease slightly and the dollar-dong exchange rate will strengthen a little," the State Bank predicted on its website yesterday.

The State Bank did not expect the new rates to significantly affect commercial interest rates on the domestic market.

The prime rate is the interest rate that banks charge each other for short term loans. Most banks use this rate as the baseline for the interest rates they can charge on loans, including consumer loans, mortgages and credit card interest rates.

The discount rate is the rate which the State Bank charges member banks for short-term loans via discounting commercial paper or other debt instruments. The refinancing rate is used by the central bank on loans to its members.

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