Inspect and examine banks that increase deposit interest rates

Prime Minister Pham Minh Chinh made this request in Official Dispatch 19/CD-TTg on strengthening the implementation of measures to reduce interest rates, which was recently issued.

 

The official dispatch stated that, in the past period, the Government and the Prime Minister have issued many directives to the State Bank of Vietnam and credit institutions on continuing to implement solutions to reduce lending interest rates, alleviate difficulties for customers, support people and businesses in developing production and business, and promote growth. However, recently some commercial banks have still adjusted deposit interest rates upwards, which is a factor contributing to the increase in lending interest rates.

 

In light of the above situation, the Prime Minister has requested the State Bank of Vietnam to take the lead and coordinate with relevant agencies to immediately conduct inspections and audits of commercial banks that have adjusted deposit interest rates upwards in the past period, as well as the announcement and implementation of deposit and lending interest rates by credit institutions.

 

Promptly and strictly handle cases of violations and failure to comply with the directives of the Government, the Prime Minister, and the State Bank of Vietnam as prescribed, including the Governor of the State Bank of Vietnam considering and deciding to use the State Bank's management tools regarding credit growth limits and license revocation as prescribed.

 

The Prime Minister also requested the State Bank of Vietnam to regularly monitor and closely supervise the developments in deposit and lending interest rates of commercial banks, and to implement more decisively and effectively solutions within its authority to reduce lending interest rates, creating conditions for people and businesses to access loan capital at reasonable costs, restoring and developing production and business, promoting economic growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy, and the safety of banking operations and the system of credit institutions…

 

According to the State Bank of Vietnam's Phu Yen branch, since the beginning of the year, credit institutions in the province have adjusted deposit and lending interest rates in accordance with the guidance of their respective head offices.

 

Currently, the prevailing interest rates for VND deposits are 0.1-0.5% per year for demand deposits and deposits with maturities of less than one month; 1.5-4.75% per year for deposits with maturities from one month to less than six months; 4.06-5.18% per year for deposits with maturities from six months to less than twelve months; and for maturities of twelve months or more, the average interest rate is 4.74-5.77% per year.

 

LE HAO

Source: https://baophuyen.vn/82/326337/thanh-tra-kiem-tra-cac-ngan-hang-tang-lai-suat-huy-dong.html