Deposit interest rates will not exceed 14 percent per year: SBV

The State Bank of Vietnam has issued a document to ask credit institutions and its branches nationwide to hold interest rates on Vietnam dong deposits at 14 percent.

The rate is expected to take effect on December 15 and will be adjusted in accordance with the inflation situation and supply-demand for capital in the domestic market.

At the same time, interest rates will be listed on public boards at transaction centres, commercial banks’ branches and saving funds under the regulations of SBV.

Under the document, SBV’s branches in provinces and cities were asked to inspect and supervise credit institutions’ interest rates on dong deposits and take measures against those which violate the regulations.

Earlier on December 14, representatives from more than 50 commercial banks nationwide and the Vietnam Banking Association (VNBA) met to agree on adjustments to deposit interest rates and monetary policies in the future. Accordingly, banks agreed that deposit interest rates will be held at 14 percent per year.

(VOVNEWS)

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