June 20, 2013 / 1:42 AM / 4 years ago

Vietnam to lower ceiling on dollar deposit rates - paper

HANOI, June 20 (Reuters) - Vietnam will lower the 2-percent ceiling banks pay for dollar deposits between now and the end of 2013, but any downward adjustment may be incremental, a state-run newspaper quoted the central bank governor on Thursday as saying.

“The interest rates on U.S. dollar deposits will be adjusted down,” State Bank of Vietnam Governor Nguyen Van Binh was quoted by the Liberation Saigon daily as telling a banking meeting on Wednesday. He gave no time frame or further details of the cut.

“Adjusting the rates on foreign currencies is aimed at strengthening the Vietnamese dong’s position, helping people shift (funds) to the dong from foreign currencies and reduce pressure on the exchange rate,” Binh was quoted as saying. (Compiled by Ho Binh Minh; Editing by Jacqueline Wong)

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