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Starting today 5/13, the State Bank reduced a series of large-scale interest rates. In which, the maximum interest rate for demand deposits and terms with less than 1 month decreased from 0.5% / year to 0.2% / year; The maximum interest rate for deposits with terms from 1 to less than 6 months decreased from 4.75% / year to 4.25% / year; The maximum interest rate for deposits with terms of 1 to less than 6 months in popular credit funds, microfinance institutions decreased from 5.25% / year to 4.75% / year.
Along with that, the maximum short-term credit interest rate in VND of credit institutions for borrowers to meet capital needs to serve various sectors and economic sectors, as prescribed in Circular No. 39, decreased from 5.5% / year to 5% / year; The maximum interest rate for short-term loans in VNDs from People’s Credit Funds and microfinance institutions for these capital needs has decreased from 6.5% / year to 6% / year.
This is the second reduction in interest rates for the second time in less than 2 months. Previously, on March 17, the State Bank also drastically reduced interest rates, up to 1% per year.
Speaking about the reason why the State Bank continued to reduce interest rates, Mr. Pham Thanh Ha, Director of the Monetary Policy Department of the State Bank, said:
The central bank’s opinion on operational monetary policy is to guarantee the liquidity of credit institutions to provide capital to the economy, to support the reduction of the interest rate in the current period based on the consideration of appropriate macroeconomic fundamentals, inflation control and operational security objectives of the credit institution’s system.
After adjusting the interest rate on March 3/2020, to continue supporting companies and individuals to reduce the costs of loans, the State Bank decided to adjust the decrease in the operating interest rate, the interest rate. maximum interest of VND deposits in different terms. for children under 6 months and maximum interest rate for short-term VND loans for priority areas.
According to Mr. Ha, interest rates are adjusted based on the assessment of international market movements, many central banks implement quantitative easing measures and drastically reduce interest rates to support the economy to overcome the recession. regressive. In the country, the macroeconomic base continues to create a space to manage the monetary policy of the State Bank in the context of stable money and currency markets, inflation is likely to be controlled according to the objective. , economic growth was negatively affected by the Covid-19 epidemic.
“The decision of the State Bank to synchronize interest rates together with the drastic direction of credit institutions to reduce expenses and earnings will continue to create favorable conditions for credit institutions to reduce interest rates for sustainable loans in the next times, helping to actively reduce difficulties for the economy, “emphasized Mr. Ha.
Referring to the operational orientation of the State Bank in the coming years, Mr. Pham Thanh Ha said: The State Bank will continue to closely monitor the evolution of national and foreign markets, the results of the implementation of management measures of the monetary policy, interest rates. On that basis, implement proactive and flexible measures to administer monetary policy in order to control inflation, stabilize the macro, guarantee liquidity and safe operations of the credit institution’s system, support Support economic growth.
Also this morning, when the State Bank’s interest rate reduction decisions went into effect, commercial banks drastically cut VND deposit rates.
Although the maximum interest rate for the term of 1 month to less than 6 months fell to 4.25% / year, in fact, many commercial banks adjusted even more, in some cases, below 4% / year. In addition, interest rates for terms from 6 months onwards also changed in some banks.
A ha
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