Vietnam devalues dong and raises rates
The State Bank of Vietnam on Wednesday raised interest rates by a percentage point and devalued the dong by more than 5% in an attempt to rein in inflation.
The central bank raised its base rate from 7% to 8% and its discounting rate from 5% to 6% "to contribute to maintaining macroeconomic stability, curbing inflation, enhancing sustainable growth in 2010 and proactively coping with complex developments of the international financial market and the global economy."
The central bank's
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