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9 lenders violate deposit interest rate cap
The State Bank of Vietnam (SBV) has required an extraordinary checkups at some credit institutions in Hai Phong, Da Nang, Ninh Binh and HCMC that may have mobilized capital exceeding the allowable depositing rate cap.
According to a recent feedback via the central bank's hotline, some credit institutions still continued raising capital in Vietnam dong exceeding the depositing rate cap – 14 percent per year.
They included Saigon Commercial Joint Stock Bank (Hai Phong branch), Vietnam Bank for Agriculture and Rural Development (Agribank's branch in Hanoi's Thanh Xuan District), Hanoi branches of Vietnam Tin Nghia Commercial Joint Stock Bank (TinNghiaBank) and Western Commercial Joint Stock Bank, Vietnam Maritime Commercial Joint Stock Bank (Maritime Bank's Ninh Binh branch) and Eastern Asia Commercial Joint Stock Bank (EAB's HCMC branch).
In addition, a branch of Saigon-Hanoi Commercial Joint Stock Bank (SHB), Dong Da Saving Fund and a branch of TinNghiaBank in the central coastal city of Da Nang have also been detected to raise capital in dong at the saving interest rate of 17.5 percent, 19 percent and 19 percent per year respectively.
The central bank's inspection agency suggested of SBV's branch directors in Hai Phong, Hanoi, Da Nang, Ninh Binh and HCMC to check the recent deposits, receivables, payables, discounting valuable papers and loans of aforementioned credit institutions.
More money injected via OMO
SBV last week posted a net injection of VND21 trillion on open market operations (OMO) with the interest rate of 14 percent per annum for 7-day term, according to the data from Bloomberg.
This is the first week the central bank has posted a net injection after over one month of keeping the balance status in capital injection and withdrawal on OMO.
Earlier, according to NDHMoney , in the first four sessions of this week, the central bank pumped VND24 trillion and withdrew VND4 trillion, leading a net injection of VND20 trillion dong on OMO.
The central bank's move is considered a commitment of the governor on ensuring the liquidity for banks through the market instruments.
According to the data from Reuters, the interbank overnight interest rate on September 8 stood at 15 percent per year, lower than the level of 16-16.5 percent per year on September 7.
The interest rate for 1-week term was at 16-17 percent per year, increasing slightly from 15.5-16.5 percent per year in previous day, while the interest rate for 1-month term was 17.5-18 percent per year
The interest rate for 3-month term marked the highest, jumping to 20 percent per year.
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