The State Bank of Vietnam reduced key interest rates and maximum VND deposit interest rates for entities and individuals at credit institutions and foreign bank branches applicable from May 28, 2012...
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The State Bank of Vietnam reduced key interest rates and maximum VND deposit interest rates for entities and individuals at credit institutions and foreign bank branches applicable from May 28, 2012.
Accordingly, the maximum VND mobilizing interest rate has been lowered to 11% per annum from 12% per annum for fixed deposits with terms of 1 month and over. The figure for demand and below-one-month deposits is 3% p.a instead of 4% p.a. Particularly, people’s credit funds are permitted to apply the maximum VND mobilizing rate of 11.5% p.a, a decrease from 12.5% p.a.
The refinancing interest rate is also cut to 12% p.a from 13% p.a, the overnight rate in the inter-bank electronic payment to 13% p.a from 14% p.a and the discounting rate to 10% p.a from 11% p.a.
T.T
