Vietnam central bank to cut rates Tuesday to prop up virus-hit economy

The State Bank of Vietnam will cut its policy rates from Tuesday to prop up the Southeast Asian country's economy, which has been hit by the coronavirus pandemic.

The refinance rate will be cut to 5% from 6% and the discount rate to 3.5% from 4.0%, the country's central bank said in a statement. The central bank will also cut its ceilings on bank deposits and loans, it added.