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Central bank lowers interest rate for dollar deposits

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A sign shows the interest rate on dollar deposits outside a bank in Hanoi in June 2014.   © Reuters

HO CHI MINH CITY -- The State Bank of Vietnam has taken action in an attempt to thwart hoarding of the greenback.

     The central bank on Monday slashed the upper limit of interest on dollar deposits. Local commercial banks, including foreign-affiliated institutions, responded quickly. The same day, they cut annual interest rates for corporate deposits to 0% from 0.25%, while rates for individuals were reduced to 0.25% from 0.75%. 

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