Vietnam Banks Raise Deposit Rates to Lure U.S. Dollars
Commercial banks in Vietnam have announced to increase interest rates on U.S. dollar-denominated deposits to attract more greenbacks.
Asia Commercial Bank (ACB) raised U.S. dollar savings interest rates by between 0.15% and 0.2% to 3.6%-4.4% per annum on terms ranging from one to nine months. Eximbank, meanwhile, hiked the rates to the highest level of 4.45% per annum.
Other banks including HDBank, SeABank and ABBank had earlier boosted the rates to above 5% per annum.
The demand for U.S. dollars usually rises in the third and fourth quarters of each year as enterprises need money to pay for matured contracts and to import raw materials and consumer products. (Young People)
Vietnamese
