Interest rates kept at 12 percent

The State Bank of Vietnam (SBV) has announced the basic interest rate of Vietnam dong will remain at 12 percent per annum from June 1.

The SBV said the refinance interest rate will be fixed at 13 percent per annum, while the discount rate will be 11 percent per annum that were put in place on May 19.

SBV said two weeks after a new interest rate management mechanism was applied, the deposit and loan interest rates set by credit organisations have stabilised.

The central bank previously decided to announce the basic rates on Vietnam dong every month as a foundation for commercial banks to set interest rates for deposits and loans.

Commercial banks’ rates are capped below 150 percent of the basic rates.

VNA

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