SBV increases base interest rate to 9% p.a.

The Governor of the State Bank of Vietnam (SBV) issued Decision No. 2619/QĐ-NHNN on November 5 on raising the base interest rate to 9% p.a. The decision will take effect from November 5, 2010 and supersedes Decision No.2561/QD-NHNN of the SBV Governor dated October 27, 2010 on the VND base interest rate.

On the same day, the SBV also issued Decision No. 2620/QD-NHNN to raise other interest rates applicable from November 5th, 2010. In particular:

- The refinancing interest rate is 9% p.a.,

- The discount rate is 7% p.a., and

- The overnight rate in the inter-bank electronic payment and the rate of loans to finance short balances in clearing transactions between SBV and commercial banks is 9% p.a.

Decision No. 2620/QD-NHNN supersedes Decision No.2664/QD-NHNN dated November 25, 2009 on the refinancing interest rate, discount rate and overnight rate in the inter-bank electronic payment and the rate of loans to finance short balances in clearing transactions between SBV and commercial banks.

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