Vietnam lowers foreign currency deposit rates to 0% to stabilize its economy amid market volatility.

Vietnam's central bank has implemented measures, including a 0% interest rate on foreign currency deposits, to stabilize the exchange rate and control inflation. The bank is prepared to sell U.S. dollars if needed to maintain stability, following recent market volatility due to the U.S. Federal Reserve's rate cuts. Governor Nguyen Thi Hong emphasized supporting economic growth through preferential loans for housing and the aquatic industry, while cautioning against further easing due to high outstanding loans, equivalent to 120% of GDP. She urged firms to seek funding through the corporate bond and stock markets.

November 11, 2024
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