The State Bank of Vietnam raised its benchmark interest rate to 12% from 8.75% on Monday. The refinancing interest rate is fixed at 13% per year, up from 6% and the discount interest rate is increased to 11% per year from 6%. In addition, the central bank allowed commercial banks to raise their lending rates up to 18%.
The central bank's move is believed to reduce the money supply and to control inflation. In April, Vietnam's annual inflation stood at 21.4%.
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