SGGPO
The reduction in operating interest rates aims to help banks reduce deposit interest rates, thereby creating conditions to lower lending interest rates, support the economy , and promote rapid growth.
On May 23, the State Bank of Vietnam (SBV) announced its decisions on interest rate management, effective from May 25.
Specifically, according to Decision No. 950/QD-NHNN, the overnight lending interest rate in interbank electronic payments and lending to cover capital shortages in clearing payments of the State Bank of Vietnam for credit institutions will decrease from 6%/year to 5.5%/year; the refinancing interest rate will decrease from 5.5%/year to 5%/year; the rediscount interest rate will remain at 3.5%/year.
According to Decision No. 951/QD-NHNN, the maximum interest rate applied to non-term deposits and deposits with terms of less than 1 month remains at 0.5%/year; the maximum interest rate applied to deposits with terms from 1 month to less than 6 months is reduced from 5.5%/year to 5%/year, while the maximum interest rate for deposits in VND at people's credit funds and microfinance institutions is reduced from 6%/year to 5.5%/year; the interest rate for deposits with terms of 6 months or more is determined by credit institutions based on the supply and demand of capital in the market.
The reduction in operating interest rates aims to help banks reduce deposit interest rates, thereby creating conditions to lower lending interest rates, support the economy, and promote rapid growth.
Previously, in March, the State Bank of Vietnam also lowered operating interest rates twice to reduce lending interest rates and remove difficulties for the economy, businesses and people.
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