VN central bank lowers foreign currency interest rates

The State Bank of Viet Nam has lowered the maximum interest rates for USD deposits of organizations and individuals at credit institutions and foreign bank branches, applicable since September 29.

Accordingly, the annually interest rate for deposits of organizations is reduced to zero from the current 0.25% while the interest rate for deposits of individuals falls down to 0.25% from the current 0.75%.

The move aims to contribute to the effective implementation of the solutions on monetary policy and banking operations for the rest of the year, according to the central bank.

Earlier, the State Bank issued Decision 2172/QD-NHNN dated October 28, 2014 to stipulate the maximum interest rate applicable to USD deposits of entities, individuals at credit institutions and foreign bank branches.

Under the Decision, the maximum interest rate applicable to deposits of entities (other than credit institutions, foreign bank branches) shall be of 0.25%/annum and the maximum interest rate applicable to deposits of individuals to be of 0.75%/annum.

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