The State Bank of Vietnam (SBV) has just announced two decisions on interest rate management effective from May 2, 25. This is the third time the SBV has decided to reduce the operating interest rate to support the economy since the beginning of 5.
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| The State Bank of Vietnam continues to lower the operating interest rate for the third time. |
Specifically, Decision No. 950/QD-NHNN dated 23/5/2023 on refinancing interest rate, rediscount interest rate, overnight lending rate in interbank electronic payment and loan to make up shortfall. capital shortfall in clearing payments by the State Bank of credit institutions. Accordingly, the overnight lending interest rate in inter-bank electronic payment and lending to cover capital shortfall in clearing settlement of the SBV for credit institutions decreased from 6,0%/year to 5,5%/year. 5,5 years; refinancing interest rate reduced from 5,0%/year to 3,5%/year; the rediscount rate remained unchanged at XNUMX%/year.
This was followed by Decision No. 951/QD-NHNN dated May 23, 5 on the maximum interest rate for deposits in Vietnam Dong of organizations and individuals at credit institutions in accordance with Circular No. 2023. /07/TT-NHNN dated 2014/17/3.
Accordingly, the maximum interest rate applicable to demand deposits with terms of less than 1 month remains at 0,5%/year; the maximum interest rate applicable to deposits with a term from 1 month to less than 6 months is reduced from 5,5%/year to 5,0%/year, especially the maximum interest rate for deposits in VND at People's Credit Funds and Microfinance Institutions reduced from 6,0%/year to 5,5%/year; interest rates on deposits with a term of 6 months or more are set by credit institutions on the basis of market capital supply and demand.
According to experts, the measure of lowering operating interest rates is aimed at letting banks reduce deposit interest rates, thereby creating conditions for lowering lending rates, supporting the economy, and accelerating growth.
