State Bank: Interest rates remain stable

The deposit rate is on downward/upward trend. Photo: H.Dịu

In the latest press release, the State Bank said, while the mobilized interest rates of VND in some commercial joint stock banks increased, many commercial banks adjusted to decrease mobilized interest rates of VND from 0.1 to 0.3%.

Specifically, Vietnam prosperity joint stock commercial bank decreased by 0.1-0.3% for terms, the decrease rate up to 0.3% for 15 months and 7.3% per year; For the term of 7 and 12 months, it decreased by 0.1%, equivalent to 6.9% and 7.1% per year. At the Viet Capital Bank decreased 0.1% for the term of 6 months, reduced the long term from 18 to 60 months by 0.1%, down to 7.8% per year.

Similarly, at the Vietbank, the rate reduced by 0.1-0.3% per year for the term of 7 months, 12 months and 15 months; Vietnam International and Commercial Joint Stock Bank reduced 0.1-0.3% per year for all terms; Maritime Bank decreased 0.2% mobilized interest rate for 18-36 months, from 7.4% to 7.2%; Dong A Commercial Joint Stock Bank announced to reduce interest rates by 0.1% per year for one month term.

Previously, a series of commercial joint stock banks announced raising mobilized interest rates, such as OCB, raising the rates to the highest level of 7.8%; Vietnam Technological and Commercial Joint Stock Bank (Techcombank) increased the rate for the 36-months term by 0.1% to the highest level of 7.1% per year.

Moreover, recently, many commercial banks are "racing" to issue certificates of balance with very high-interest rates up to 8-8.8% per year. Typical such as LienVietPostBank issued certificates of balance for the medium and long term in VND for the 18-month term with interest rate up to 8.8% per year, etc.

Before the "race" of the interest rate of the above banks, the State Bank explained, due to the demand for capital at a certain point of time, some commercial banks can raise interest rates locally and temporarily but then adjusted to reduce later in line with the supply-demand market.

"In fact, the liquidity of the whole banking system is still in abundance, the market has no pressure to raise interest rates. Therefore, in general, the mobilized interest rate and loan rates of commercial banks remain stable, "the State Bank asserted.