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BIDV continues to lower lending interest rates
The Bank for Investment and Development of Vietnam announced a sharp reduction in its lending interest rates, right after the State Bank of Vietnam issued decisions to lower benchmark interest rate, refinancing rate, rediscount rate, overnight rate and the compulsory reserve ratios for both deposits in VND and US$.
Accordingly, with short-term loans, BIDV offers a maximum rate of 16% a year for all of its customers, down 1.2%.
For those customers that are producing and trading products with stable consumption markets; producing essential commodities for the economy such as energy, petrol, steel, cement, fertiliser and medicine; small and medium-sized enterprises, and those who want to borrow to promote exports or buy rice for exports, the bank even offer a lower lending interest rate of only 15% a year, down 1.2% to 1.5% a year compared to the old rates.
For medium and long-term loans in VND, the maximum lending interest rate listed by BIDV is 16.8% a year, down up to 2.1% a year.
The lending interest rates for short-term loans in USD are also down by 0.5% a year. Specifically, loans with terms of below two months, the lending interest rate is 5.5% a year; from over two months to 3 months: 6% a year and from over three months to six months, 6.5% a year.
This has been the sixth reduction of lending interest rates by BIDV within the past three months. The new lending interest rates become effective on November 4, 2008.
Also from November 5, BIDV also applies new mobilising interest rates for both deposits in VND and USD.
Specifically, with deposits in VND, the interest rate for one-month term is 11.5% a year (down 3.5% a year); from over one month to nine months: 13.5% a year (down 1.5% a year); over nine months: 12.5% a year (down 3-3.5% a year).
The mobilising interest rates for deposits in USD are also down by 0.5% a year with the highest rate for over 12-month term deposits of 4.2% a year.
Chairman of BIDV Management Board Tran Bac Ha stressed that the bank's reduction of interest rates is aimed at promoting production and trading activities, sharing difficulties with enterprises that are BIDV customers, in an effort to implement the government's current top objectives of controlling inflation and taking the initiative in preventing depression and deflation.
Nhan Dan
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