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Updated Friday, November 27, 2009 11:02 am TWN, dpa

Vietnam market falls on dong devaluation, rate hike

HANOI -- Vietnam's stock market suffered its largest drop in seven months after the State Bank raised the benchmark interest rate and devalued the currency. The State Bank on Wednesday raised the prime interest rate from 7 to 8 percent, effective Dec. 1. The central bank also raised the reference trading rate of the Vietnamese dong by 5.4 percent, to 17,961 dong to the dollar.

At the same time, it narrowed the band within which commercial banks are allowed to trade the dong from 5 to 3 percent on either side of the reference rate. The actual exchange rates offered by banks rose 3.3 percent, from 17,886 to 18,500 dong to the dollar as of yesterday.

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