Deposit rates fall to 12%

HA NOI — Several commercial banks have reduced deposit interest rates from last week's highs of 13-14 per cent down to 12 per cent, following the State Bank of Viet Nam's decision to inject capital into the interbank market.

Sacombank, VPBank, Vietinbank and Techcombank were among the banks quoting deposit interest rates yesterday at 12 per cent per year for all terms.

In the final three days of last week, the State Bank of Viet Nam injected VND75 trillion (nearly US$3.6 billion) into the open market system to help ease pressure on the interbank interest rates and cool down market rates.

The central bank also discouraged commercial banks from extending credit to non-manufacturing sectors which currently soak up about 18 per cent of systemwide credit growth. It specifically instructed banks to tighten up on real estate and consumer loans, as well as loans for securities investment. — VNS

Source: Vietnam News Agency

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