Vietnam Central Bank Raises Interbank Overnight Interest Rate to 15 per cent/Year
The State Bank of Vietnam, or central bank, has signed a new decision to raise the overnight interest rate in interbank e-payment to 0.0417 per cent a day, or 15 per cent per annum, from current 0.03 per cent a day (10.8 per cent/year).
The interest rate for loans to offset capital inadequacy in clearing payment is also adjusted at the same level.
The decision was effective from Aug 19.
The central bank has also issued a document to instruct the application of lending interest rates in Vietnam dong among credit institutions in interbank market.
Accordingly, these banks in interbank market are allowed to fix interest rates less than 150 per cent of base interest rate from August 19. (Vietnam Economic Times)
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