Given economic uncertainties in the global and domestic markets, the central bank will adjust its policy rates in line with changes in monetary markets, inflation forecasts, and interest rates.
Given economic uncertainties in the global and domestic markets, the central bank will adjust its policy rates in line with changes in monetary markets, inflation forecasts, and interest rates with an aim to support businesses in their recovery, said the central bank.
It said it would be cautious about upward pressure on inflation after consumer price index in February rose 4.31 per cent from a year ago, close to the targeted 4.5 per cent for the whole year. Vietnam will stay vigilant as policy-makers around the world, especially the US Federal Reserve's move next week, are still raising interest rates to control high inflation amid the global financial turmoil caused by the collapse of Silicon Valley Bank.
The central bank cut some of its policy rates by 100 basis points on Tuesday in an effort to support the economy, the discount rate to 3.5 per cent and the overnight lending rate in the inter-bank market to 6 per cent, while lowering the cap on interest rates for short-term loans in some priority sectors under the government policy to 5 per cent from 5.5 per cent.
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