The central bank reduced the refinance rate by 25 basis points to 6.25% late on Friday and also lowered the discount rate to 4.25% from 4.5%. The changes come into effect on Monday, the State Bank of Vietnam said on its website. The central bank said in its statement that the move was to help boost economic growth and keep inflation under control. The central bank in 2013 set up the Vietnam Asset Management Company to buy banks’ bad debt. Banks would be able to sell bad loans and the assets backing them with fewer restrictions than presently imposed, speeding up the disposal process.

Source: Bangkok Post July 10, 2017 04:30 UTC