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Vietnam to cut deposit cap to 12 pct -report
Vietnam's central bank will reduce the deposit rate cap to 12 percent from 13 percent, in line with its target to bring the ceiling to 10 percent by year-end, a state-run news website said on Friday.
The State Bank of Vietnam planned the cut thanks to the stabilising macroeconomic situation, slowing inflation, improving bank liquidity and ample lending funds, the VnExpress news website (vnexpress.net) quoted Do Thi Nhung, an official of the central bank's monetary policies department, as saying.
It did not tell a timeframe for the cut.
The central bank has said it aims to reduce the deposit cap by 1 percentage point every quarter of this year to ease burdens on businesses.
It cut key rates on dong loans and deposits by 1 percentage point for the first time in nearly three years in March, bringing the cap to 13 percent.
Dong lending rates ranged from 13.5 percent to 20 percent for business purposes while loan rates may soar to 25 percent for other purposes, the central bank said in a weekly report.
The banking system's total lending slipped 2.13 percent as of March 20 from the end of last year, an online report of the Vietnam Economic Times (vneconomy.vn) said on Thursday.
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