Chuck Kuhn's Asia in Photos: Vietnam Central Bank Lifts Interest Rates

Tuesday, May 20, 2008

Vietnam Central Bank Lifts Interest Rates

The State Bank of Vietnam raised its benchmark interest rate to 12% from 8.75% on Monday. The refinancing interest rate is fixed at 13% per year, up from 6% and the discount interest rate is increased to 11% per year from 6%. In addition, the central bank allowed commercial banks to raise their lending rates up to 18%. The central bank's move is believed to reduce the money supply and to control inflation. In April, Vietnam's annual inflation stood at 21.4%.

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They say "

“I can’t say what made me fall in love with Vietnam - that a woman’s voice can drug you; that everything is so intense. The colors, the taste, even the rain. Nothing like the filthy rain in London. They say whatever you’re looking for, you will find here. They say you come to Vietnam and you understand a lot in a few minutes, but the rest has got to be lived. The smell: that’s the first thing that hits you, promising everything in exchange for your soul. And the heat. Your shirt is straightaway a rag. You can hardly remember your name, or what you came to escape from. But at night, there’s a breeze. The river is beautiful. You could be forgiven for thinking there was no war; that the gunshots were fireworks; that only pleasure matters. A pipe of opium, or the touch of a girl who might tell you she loves you. And then, something happens, as you knew it would. And nothing can ever be the same again.”
― Graham Greene, The Quiet American

Tips on Travel to Vietnam

It's always warm in Southeast Asia apart from high mountains, so leave the heavy clothing at home. Cotton and breathable fabrics are always better than synthetics -- although cotton does wrinkle a lot when traveling! December through April is roughly the dry season in that region, although it can still rain a little. December is a good time to go in terms of temperature -- cooler than in the humid summertime. Either way, wearing more clothing (shirt sleeves and long pants) is always more respectful towards the Asian culture, especially when visiting temples and rural areas.