Vietnam to raise banks' forex compulsory reserves from Sept

HANOI: Vietnam's central bank said on Monday it will raise the amount of compulsory reserves banks must keep on non-term foreign currency deposits and on those with terms of up to 12 months to 8 percent from 7 percent.

The rate for compulsory reserves on foreign currency deposits with terms longer than 12 months was raised to 6 percent from 5 percent, the central bank said in a statement.

The ruling will come into effect for deposits from September, it said.

Copyright Reuters, 2011