Vietnam cuts ceiling rate of corporate dollar deposit to zero pct

Vietnam's central bank on Monday adjusted the interest rate ceiling on dollar deposits for organizations and companies to zero percent from the previous 0.25 percent in an attempt to prevent hoarding of foreign currencies.

The interest rate ceiling for individual will be cut from 0.75 percent to 0.25 percent, the State Bank of Vietnam said on its website.

The new decision was put forward "in order to prevent the hoarding of foreign currencies and to contribute to effectively implementing the monetary policies and banking activities in the last months of 2015," the bank said. Endi