(Bloomberg) -- Vietnam’s central bank cut its benchmark interest rate for the first time in more than two years to bolster the economy amid rising global risks.

The refinance rate will be lowered to 6% from 6.25% from Sept. 16, the State Bank of Vietnam said on its website Friday. The discount rate and overnight lending rate in the inter-bank market will be lowered by the same magnitude to 4% and 7% respectively, according to the statement.

To contact the reporter on this story: Nguyen Dieu Tu Uyen in Hanoi at uyen1@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, John Boudreau

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