People's deposits in banks reach a record high.

By the end of July, people's deposits in the banking system reached an all-time high of nearly 6.39 million billion VND, an increase of almost 9% compared to the end of last year.

These are the latest figures just released by the State Bank of Vietnam. According to these figures, in July, people deposited approximately 6,700 billion VND into the banking system. This increase is lower than the average increase for the first half of the year, partly due to seasonal factors. In previous years, the rate of increase in household deposits in July also tended to be slower than in the first months of the year.

Transactions at a commercial bank. Photo: Thanh Tung

Savings interest rates had fallen significantly by the end of July compared to the beginning of the year, but many banks were still willing to pay interest rates above 7% per year for 12-month deposits. The downward trend in interest rates over the past two months has brought rates to their lowest point in October, with some terms even lower than during the Covid-19 period.

The low interest rate environment during the Covid-19 period caused a strong shift of capital towards investment channels such as stocks and real estate. However, according to bank leaders, this trend will not repeat itself at present. Consumption and production activities are no longer disrupted by Covid-19, and the real estate market is also sluggish after a series of adjustments, making investors more cautious in seeking profits.

In contrast to individuals , the institutional sector experienced a net outflow of approximately 74.2 trillion VND from the system, causing deposits from this group in banks to decrease compared to the previous month and even lower than at the beginning of this year. Specifically, businesses and organizations deposited 5.91 trillion VND in banks at the end of July, 0.74% lower than at the end of last year.

Quynh Trang

Source link: https://vnexpress.net/tien-gui-cua-nguoi-dan-vao-ngan-hang-lap-ky-luc-4661976.html