Vietnam Keeps Benchmark Interest Rate Unchanged in March
The SBV will continue flexible and open monetary policies in order to put money into circulation with favorable interest rate at 7.5 per cent per annum.
Last week, the inter-bank dong interest rate tended to rise by a slight 0.5 per cent per annum in all tenors.
Particularly, the inter-bank market's six-month interest rate of dong was at the highest pf 1.09 per cent per annum while the average trading rate for a term of 12 months dipped 0.17 per cent from the previous week to 8 per cent per annum.
Meanwhile, the US dollar interest rate for a term of three months was 1.02 per cent pa at the highest on the market, the SBV said.
Starting from some joint stock banks raising the 12-month deposit rates, most banks including state commercial lenders have adjusted the short-term dong deposit rates, especially for terms of 3-6 months.
In recent 2-3 weeks, the dong deposit rates surged again, which showed that the dong capital demand of banks is increasing. At present, the rate of state commercial banks ranges between 6.5 and 7.5 per cent per annum for terms of shorter 12 months.
Similarly, that of joint stock commercial banks is higher at 7.2 per cent-7.5 per cent per annum. The overnight interest rate of the dong on the inter-bank market climbed to 7.2 per cent-8.1 per cent/year.
The growth of outstanding loans in Hanoi and HCM City last month was higher than capital mobilization but in general, the capital mobilization growth rate of the whole banking system was still higher than lending.
The band of dong deposit rate in next months could be at 7 per cent-8.5 per cent per annum. Thus, the loans on negotiable base could be pushed up as a result and the lending rate will be kept at 10 per cent-10.5 per cent per annum. (SBV, Cafef.vn)
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