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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Vietnam raises key interest rates AFP - Saturday, November 6 Send IM Story Print Vietnam raises key interest rates Slideshow: Full Photo Coverage: Business & Economy HANOI (AFP) - – Vietnam's central bank raised key interest rates for the first time in a year Friday as the dong remains under pressure and inflation refuses to drop below government targets. The State Bank of Vietnam announced that its key rate is to rise to nine percent from eight percent. The bank did not give reasons for its decision, which will increase the cost of borrowing for commercial banks. "We think this is a good first step but that further adjustments in policy rates may be needed," said Benedict Bingham, Vietnam representative for the International Monetary Fund. Official figures show that year-on-year inflation reached 9.66 percent in October, above the government's targeted maximum of eight percent this year. Market rates for the dollar have risen far above the official rates offered by the central bank, having a negative impact on the economy, Le Duc Thuy, chairman of the National Committee of Financial Supervision, was quoted by state media as saying on Thursday. The official exchange rate is at 18,932 dong per US dollar. Vietnam in August devalued the dong for the third time since late last year, saying it was trying to control the trade deficit. But Thuy said the government had decided not to devalue the dong for the time being. Instead, it will sell US dollars to commercial banks, he said, noting that foreign exchange reserves remain "relatively large enough for the central bank to intervene into the market". Vietnam's 10-month trade deficit reached an estimated 9.5 billion dollars, the government said. Bingham said the market was concerned the State Bank of Vietnam was not paying enough attention to high inflation and pressure on the dong, and the large budget deficit was also a concern. Longer term, he said, it would be helpful if the current National Assembly session set a lower 2011 inflation target, more in line with the average in Southeast Asia, and approved a budget for 2011 that showed fiscal policy was "clearly on a consolidation path". While the dong is under pressure, most other regional currencies have strengthened. - Dow Jones Newswires contributed to this story - Recommend Send IM Story Print Related Articles Strike-hit Chile's Collahuasi may suffer after a week Reuters - 23 minutes ago S&P 500 extends rally to 5th week Reuters - 24 minutes ago US-BUSINESS Summary Reuters - 24 minutes ago US STOCKS-S&P 500 extends rally to 5th week Reuters - 25 minutes ago Jump in hiring lifts spirits on economy Reuters - 29 minutes ago News Search Top Stories US adds jobs for first time since May RBS bank plunges back into loss RBS plunges into red with third quarter loss World's oldest axe found in Australia NASA comet fly-by yields rare images from deep space More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Be fit, have fewer colds: study NASA comet fly-by yields rare images from deep space Rolls-Royce recommends engine checks after A380 incident Atom smasher ventures deeper into 'new frontier' World's oldest axe found in Australia More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France Spectacular unknown species found in Amazon Ancient galaxy is more than 13 billion light years away Moon's 'treasure chest' includes silver More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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