Bank tightens interest rates in dong savings
The Governor of the State Bank of Vietnam (SVB) on March 2 ordered the heads of every SBV branch in the country to monitor the interest rates on Vietnamese dong savings deposits offered by local credit organisations.
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The order was made as some commercial banks in localities have raised their interest rates on Vietnamese dong deposits to 17-18 per cent a year, driving up the level of savings interest and causing instability in the deposit market.
Inspection must be conducted immediately to uncover violations, says the central bank’s dispatch.
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