Chuck Kuhn's Asia in Photos: Vietnam keeps 12 pct base rate unchanged-c.bank

Thursday, June 5, 2008

Vietnam keeps 12 pct base rate unchanged-c.bank

HANOI, June 2 (Reuters) - Vietnam's central bank said on Monday it was keeping unchanged the base rate used for banks to calculate their own rates on dong deposits and lending at 12 percent.

The central bank imposed the base rate on May 19 and said banks can fix their own rates for deposits and lending at up to 150 percent of the base rate. The rate would be set each month but the central bank said it could also change when necessary.

Earlier it applied a base rate of 8.75 percent only for lending.

"At the start of June there has been no change yet," Deputy Governor Nguyen Dong Tien told Reuters on the sidelines of a business forum.

Since May 19 banks have mostly been offering dong deposits at up to 15 percent. Last Friday Ho Chi Minh City-based Saigon Commercial Bank said it now paid 16 percent for dong deposits.

Interbank lending ranged between 13-18 percent VNIBOR while banks charge their clients at 20 percent or more, saying they have to add a fee to help maintain normal banking operation. (Reporting by Ho Binh Minh; Editing by Anshuman Daga)

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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.