Vietnam's central bank cuts prime rate

In an effort to promote credit and prop up the slowing national economy, the State Bank of Vietnam cut its prime interest rate by an additional percentage point to 12 per cent, the bank's second trim to interest rates in the past two months.
Effective yesterday, the refinancing rate was also lowered from 14 to 13 per cent, while the discount rate and overnight rate for electronic payments were each cut one point to 11 and 13 per cent, respectively. Meanwhile, the maximum interest rate lenders can charge to borrowers was also lowered, from 19.5 per cent to 18 per cent.
At the same time, the State Bank also announced other measures to provide greater liquidity for banks, including a reduction in compulsory reserve ratios.