Vietnam's central bank reduced key rates by 0.25 percentage point, including the refinancing interest rate to 6%, marking the first rate cut in two years.
Other rates trimmed by the State Bank of Vietnam included the rediscount rate and the overnight rate in the interbank electronic payment.
The central bank said while the domestic economy remained stable and inflation was under control, the global economy has been "fluctuating in a less favorable way," resulting in an easing spree from central banks around the world, including the U.S. Federal Reserve and the European Central Bank.
The ECB on Sept. 12 lowered its rate on the deposit facility and announced that it will restart bond purchases, while removing reference to keeping rates at present or lower levels at least through the first half of 2020.
These marked the first rate cut since October 2017, Reuters reported.
