State Bank revises up interest rates by 1 percent from September 23

September 23, 2022 | 15:16

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Governor of the State Bank of Vietnam Nguyen Thi Hong has issued decisions on revising up several interest rates by 1 percent, starting from September 23.

Hanoi – Governor of the State Bank of Vietnam Nguyen Thi Hong has issued decisions on revising up several interest rates by 1percent, starting from September 23.

State Bank revises up interest rates by 1 percent from September 23

State Bank of Vietnam (Photo: VNA)

Under the Decision No. 1606/QĐ-NHNN dated September 22, the refinancing interest rate will be set at 5% per year, rediscount at 3.5 percent, and overnight inter-banking lending rate at 6percent.

Under another decision, the interest rate for non-term and one-month deposits in Vietnamse dong is capped at 0.5 percent annually while that for 1-6 month deposits is 5percent.

Deposits of 1-6 months at people’s credit funds and micro-finance organisations will enjoy an annual interest rate of 5.5 percent.

Big banks hike deposit interest rates

Large banks are starting to join the deposit interest rate hike race along with small- and medium-sized banks due to rising capital demand pressure after a long time staying out of the game.