December 17, 2015 / 2:21 PM / 2 years ago

Vietnam scraps ceiling rate on individual dollar deposits after Fed move

HANOI, Dec 17 (Reuters) - Vietnam’s central bank said late on Thursday it was abolishing a ceiling for interest rates on dollar deposits that banks offer to individuals, in an attempt to “avoid dollar hoarding”.

The move came hours after the U.S. Federal Reserve raised interest rates for the first time in nearly a decade and less than three months Vietnam after cut the individual dollar deposit rate to 0.25 percent from 0.75 percent.

The change goes into effect on Friday. (Reporting by Mai Nguyen, editing by Larry King)

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