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Vietnam central bank to cut rates by 0.25 percentage points

[HANOI] Vietnam's central bank said on Friday it would cut several interest rates to support economic growth and control inflation.

The annual refinancing rate, rediscount rate, overnight electronic interbank rate, and rate of loans to offset capital shortage in clearance between the central bank and domestic banks, would be cut by 0.25 percentage points each from Sept 16, the State Bank of Vietnam (SBV) said in a statement.

The rate cuts are the first by the SBV since October 2017.