State Bank of Vietnam Implements 100-Basis Point Rate Cut

April 10, 2009

Vietnam’s central bank slashed its refinancing rate and discount rate by 100 basis points to 7% and 5%, respectively, today.  In doing so, Vietnam became the eleventh country to see a benchmark interest rate lower thus far in April.  The biggest of those cuts were 175 basis points in Nigeria, 150 basis points each in Serbia and Iceland, and 100 basis points in Peru as well as Vietnam.  Chile announced a 50-basis point cut late yesterday, and cuts of 25 basis points occurred in Thailand, Australia, Indonesia, Denmark, and Euroland.  The Bank of England, Bank of Japan, and Bank of Korea had scheduled policy meetings that did not cut rates further, but the first two of those, like the Fed, have reoriented their policies to targeting the quantity, rather than price, of money and credit.

Copyright 2009 Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.


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