SBV announces new interest rate cut
The State Bank of Vietnam (SBV) on June 27 announced the reduction in maximum interest rates for bank deposits in VND and USD, as well as short-term lending in VND of foreign credit institutions and bank branches.
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| Photo for illustration. |
Accordingly, the maximum interest rate for non-term and under-one-month term bank deposits in VND will drop from 2 percent to 1.2 percent per year, while the rate will reduce from 7.5 percent to 7 percent per year for deposits with term from one month to six months.
SBV also will apply reduction from 0.5 percent to 0.25 percent per year to deposits in USD.At the same time, the short-term lending interest rate in VND will be cut from 10 percent to 9 percent per annum for prioritised sectors including agriculture, export, supporting industry, and small and medium-sized enterprises and high-tech firms.
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