HANOI, Oct. 25 (Xinhua) -- The State Bank of Vietnam (SBV) revised up several interest rates from Tuesday, as part of an effort to curb inflation risks, stabilize the foreign exchange market and protect its banking system.

The refinancing rate will be increased from 5 to 6 percent, the discount rate from 3.5 to 4.5 percent, and the overnight inter-banking lending rate from 6 to 7 percent, the bank said in a statement.

With the second increase in a month, the bank raised the ceiling of deposit interest rates, with terms from one month to below six months, by one percentage point to 6 percent a year.

For demand deposits and deposits with a term below one month, the interest rate ceiling is raised from 0.5 to 1 percent a year.

The SBV said the global inflation level remains high and the U.S. Federal Reserve had raised its rates five times recently, with more hikes expected this year and in 2023.

"This, coupled with the strengthening of the U.S. dollar, has put pressure on domestic interest rates and exchange rates," the bank said in a statement late Monday. Enditem

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