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 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.
| ||Lenders contend with interest rates |
Maintaining steady interest rates is set to be a challenge for Vietnam’s central bank amid unfavourable global events and domestic pressures.