Governor of the State Bank of Vietnam Nguyen Van Binh on March 12 announced the decision to reduce key interest rates and maximum VND deposit interest rates for entities and individuals at credit institutions and foreign bank branches applicable from March 13, 2012...
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| SBV Governer Nguyen Van Binh. |
Governor of the State Bank of Vietnam Nguyen Van Binh on March 12 announced the decision to reduce key interest rates and maximum VND deposit interest rates for entities and individuals at credit institutions and foreign bank branches applicable from March 13, 2012.
Accordingly, the maximum VND mobilizing interest rate has been lowered to 13% per annum from 14% per annum for fixed deposits with terms of 1 month and over. The figure for demand and below-one-month deposits is 5% p.a instead of 6%p.a. Particularly, people’s credit funds are permitted to apply the maximum VND mobilizing rate of 13.5% p.a, a decrease from 14.5% p.a.
The refinancing interest rate is also cut to 14% p.a from 15% p.a, the overnight rate in the inter-bank electronic payment to 15% p.a from 16% p.a and the discounting rate to 12% p.a from 13% p.a.
T.T
