Vietnam can still meet its economic growth target this year despite the extensive damage caused by Typhoon Yagi and is open to the possibility of interest rate cuts, central bank deputy governor Dao Minh Tu said on Thursday.

The State Bank of Vietnam is open to continue cutting policy rates to support growth following the destruction caused by Super Typhoon Yagi.

Wednesday’s decision had been widely expected as Philippine inflation continues to ease and external uncertainties rise, but the size of the cut had been up for debate.

Vietcombank and Military Commercial Joint Stock Bank (MBBank) will take over smaller lenders Construction Bank and Ocean Bank, respectively, Vietnam's central bank said on Thursday. The moves are part of the central bank's restructuring program to stabilise the financial sector and tackle non-performing loans.

The Philippine central bank cut its benchmark interest rate by 25 basis points for the second time this year, as slowing inflation gave it room for further easing.

Namibia's central bank cut its main interest rate by 25 basis points to 7.25% on Wednesday, citing a retreat in domestic inflation and global monetary policy easing. Inflation in the southern African country fell to 3.