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The State Bank of Vietnam has just lowered the maximum interest rate for short-term deposits from 4.25% per year to 4% per year. This is the fourth reduction in the executive rate this year.
According to recently announced decisions of the Banco del Estado (SBV), as of October 1, the maximum interest rate applicable to demand deposits and terms of less than 1 month is 0.2% / year. The maximum interest rate for term deposits of 1 to 6 months decreased from 4.25% / year to 4.0% / year.
For term deposits of 6 months or more, banks still set interest rates based on the supply and demand of market capital.
Meanwhile, the interest rates of similar term applied by popular credit funds and microfinance institutions decreased from 4.75% / year to 4.5% / year.
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| The maximum interest rate for savings was drastically reduced. |
At the same time, the Banco del Estado also adjusted the short-term loan rates of credit institutions to meet the capital needs of some economic sectors and industries, from 5% per year to 4.5% per year. year. The interest rates for this capital need in the credit funds of individuals and microfinance institutions also decreased from 6% / year to 5.5% / year.
Also in accordance with this announcement, the Banco del Estado reduced the refinancing rate from 4.5% / year to 4.0% / year; rediscount interest rate from 3.0% / year to 2.5% / year; Overnight active interest rate in interbank electronic payment and loans to compensate for the shortage of capital in the compensation payment of the State Bank with the banks from 5.5% / year to 5.0% / year.
In addition, the interest rate offered to buy valuable papers through open market operations (OMO) also decreased from 3.0% / year to 2.5% / year.
This is the fourth time that the State Bank of Vietnam has lowered all kinds of operating fees this year. The executive’s previous rate cuts were in March, May and August.
The adjustment to reduce operating interest rates to support the liquidity of credit institutions, reduce the cost of capital loans for companies and individuals, help the level of interest rates in the market tend to decrease .
According to the General Directorate of Statistics, as of September 22, deposits from credit institutions increased 7.7% compared to the end of the previous year, while credit growth in the economy reached 5.12%. (the same period last year increased by 8.51%). Thus, in the past, although interest rates fall, the capital mobilized has not decreased but has also increased. This shows that saving is still the channel of choice for many people.
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