Deposit interest rates lowered to 12%

Several commercial banks reduced their deposits interest rates to 12 percent from 13-14 per cent per year, following the State Bank of Viet Nam's decision to inject capital into the interbank market last week.

Sai Gon Commercial Bank (SCB), VP Bank, Vietinbank, Techcombank and SHB quoted their deposits interest rates at 12 per cent per year for all terms.

The central bank injected additional capital into the interbank's open market system to help ease pressure on the interbank's interest rates and cool down market interest rates.

The State Bank has also discouraged banks from issuing credit to non-manufacturing sectors, and instructed banks to tighten credit allowances to securities, property and consumer sectors.

A senior official at the central bank said that the Government aims to keep the year's inflation rate less than 10 per cent.

To be updated.

vietnamnews

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