Vietnam’s central bank cut several policy rates by 100 basis points on March 15, after the prime minister ordered it to support property developers.

The State Bank of Vietnam reduced the discount rate from 4.5% to 3.5% and lowered the overnight inter-bank lending rate from 7% to 6%. It also cut the cap on the lending interest rates for short-term loans in some sectors from 5.5% to 5%. The benchmark refinancing rate remained unchanged at 6%.

Vietnam’s prime minister Pham Minh Chính instructed