Hanoi (VNA)🍨 – Recent rises in deposit interest rates are small and thus do not affect lending interest rate, according to the State Bank of Vietnam.
During the first half of January, three banks adjusted up their deposit interest rates by between 0.1-0.3 percent per annum for terms of over six months. The month before, 11 banks raised their deposit rates by between 0.1-0.5 percent per annum while two cut the rates by 0.1-0.3 percent per annum.
The adjustments are seasonal to meet payment demand during the peak season from now towards the Lunar New Year, the SBV said.
The deposit interest rates at banks currently average 4.5-5.4 percent per annum for terms from one month to under six months, and 5.5-7.2 percent per annum for longer terms.
Meanwhile, lending interest rates currently range from 6-9 percent per annum for short-term loans and 9-11 percent per year for longer terms at most banks.
The proportion of loans with interest rates at more than 13 percent per annum continues to drops, while that of loans with interest rates of under 10 percent per annum is rising.-VNA
The State Bank of Vietnam (SBV)’s surprising decision to cut the interest rates on USD deposits on September 27 was welcomed by economic experts, who said the move was a step towards many goals.
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Illustrative image (Source: VNA)
