Vietnam & World Forex Market News

Dong-denominated deposits with local banks increased 0.23%, the government said, without elaborating.

Analysts said government efforts to limit imports have led to companies depositing more dollars in banks.

"As Vietnamese companies have more difficulty earning dollars because of shrinking export markets, they are trying to save dollar funds at banks," said an analyst with Hanoi-based Vietcombank.

The central bank said interest rates on dollar-denominated deposits fell 0.2- 0.5 percentage points to 2.2%-3.5% a year in late February from the beginning of the year.

It said the interest rates on dong-denominated deposits now range from 6.8% to 7.5% a year.