Vietnam Central Bank Keeps Base Rate Unchanged for July
The State Bank of Vietnam (SBV), the country’s central bank, has said on its website it will keep the base interest rate unchanged, at 7.0 per cent per annum for July, for a fifth consecutive month.
The refinancing and discount rates are 7.0 per cent and 5.0 per cent/year, respectively, the SBV said.
Meanwhile, the overnight rate in the inter-bank electronic payment and the rate of loans to finance short balances in clearing transactions between SBV and commercial banks is 7.0 per cent per year.
Recently, more commercial banks in Vietnam have joined a race to raise dong deposit interest rates.
Vietnam International Commercial Joint Stock Bank (VIB Bank) has increased the dong saving rate by 0.2 per cent-0.6 per cent per annum for each term while Military Commercial Joint Stock Bank has hiked the dong deposit rate by 0.08-0.5 per cent. (SBV)
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