Vietnam SBV Rejects Rumors about Compulsory Reserve, Base Rate Hikes

The State Bank of Vietnam, the country’s central bank, rejected the rumors that it will raise the compulsory reserves required among banks and the base interest rate.

“The rumor is absolutely wrong because we [the SBV] do not have such a plan,” the central bank said on its website.

At end-November, credit growth was up 36% from early 2009, the central bank added.

Responding to the rumors and the government’s announcement to exit its short-term stimulus, stock traders sold off, sending the benchmark VN-Index to fall 3% to 499.14 on moderate volume of 53.487 million shares valued at VND2.095 trillion. (SBV)

Tags: vietnam bank, Vietnam finance news

Posted by VBN on Dec 7 2009. Filed under Banking-Finance, HEADLINES. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry