To implement ceiling interest rate of VND deposits at 14% a year

State Bank of Vietnam governor has just dispatched Document No. 4605/NHNN-CSTT calling for credit organizations to observe regulations on ceiling interest rate of 14% a year as ruled by Circular No. 02/2011/TT-NHNN dated March 3, 2011.

 

Accordingly, the “ceiling” or maximum interest rates for VND deposits is at 14% a year among banks. Last week, proposals by representatives from Ho Chi Minh City to put this percentage at 16% was then rejected.

 

Under the same official dispatched document, the governor directed organizations to save costs by reasonable interest rate offered especially to agriculture, rural areas, exporation, small and medium enterprises and supportive industries.

Meantime, inspection is also maintained by agencies.

 

According to Binh Duong Newspaper – Translated by Vi Bao