Vietnam C.bank starts issuing T-bills to reduce pressure on dong

The State Bank of Vietnam issued VND 14.999 trillion or US$609 million yesterday in a  renewed attempt to halt the devaluation of the local currency, The Investor is reporting.

Key takeaways:

• Overnight loans account for 90 percent of transactions and were attracting an interest rate of 1.17 percent on March 7;
• By February 16, credit growth was negative 1 percent after a .6 percent decline in January; and
• The exchange rate has increased 1.4 percent since the start of the year.