Governor of the State Bank of Vietnam Nguyen Van Binh on April 10 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 April 11, 2012...
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| Banks reduce VND deposit interest rate. |
Governor of the State Bank of Vietnam Nguyen Van Binh on April 10 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 April 11, 2012.
Accordingly, the maximum VND mobilizing interest rate has been lowered to 12% per annum from 13% per annum for fixed deposits with terms of 1 month and over. The figure for demand and below-one-month deposits is 4% p.a instead of 5% p.a. Particularly, people’s credit funds are permitted to apply the maximum VND mobilizing rate of 12.5% p.a, a decrease from 13.5% p.a.
The refinancing interest rate is also cut to 13% p.a from 14% p.a, the overnight rate in the inter-bank electronic payment to 14% p.a from 15% p.a and the discounting rate to 11% p.a from 12% p.a.
T.T
