3:26:34 PM | 7/8/2005
The State Bank of Vietnam (SBV), the country’s central bank, has said it would raise the ceiling on interest rates for US dollar deposits that local commercial banks can offer to local and foreign institutional customers.
According to a decision dated March 21, the central bank said that the rates on US dollar deposits with terms of more than six months would be lifted to 1% annually, up from 0.8% previously.
The rate on US dollar deposits of up to six months will be hiked to 0.7% from 0.4% and the rates on US dollar call deposits will be increased to 0.3% from 0.1%.
The new interest rates will take effect in 15 days after the Government's Official Gazette publishes the central bank’s decision.
Vietnamese
