As from December 11, commercial banks will increase their mobilised interest rate from 12 to 15 percent/ year.

 The decision was made at a meeting on December 10 between the State Bank of Vietnam’s (SBV) HCM City branch, the Vietnam Banking Association and commercial banks.

 Under the decision, commercial banks will fix the maximum mobilised interest rate at 14 percent/year. In case of promotions in cash or gifts, the real interest rate enjoyed by depositors will not surpass 15 percent/year. Any bank which violates this decision, will be subject to sanctions from management agencies.

 Despite a drop in interest rates after the SBV examined commercial banks, the highest mobilised interest rate remain at 15.5-16.5 percent/year.

 (CPV/VOVNews)