Dong deposit rate cap to be cut to 9pct from Jun 11: Governor
Dong deposit rate cap to be cut to 9pct from Jun 11: Governor
The State Bank of Vietnam (SBV) will cut dong deposit interest rate cap by another 2 percent to 9 percent per annum (p.a.) from June 11, the local newswire VnEconomy cited SBV’s governor, Nguyen Van Binh, as saying at the National Assembly’s meeting on June 7.
The governor said that the central bank has already received the prime minister’s approval for further reduction on deposit interest rate ceiling in dong.
Accordingly, from June 11, the dong deposit interest rate cap will be cut by another 2 percent from the current of 11 percent p.a. to 9 percent p.a.
The governor Binh did not detail the application of saving interest rates for terms, but the deposit interest rate cap of 9 percent can be applied for above 1-month terms and less than 1-month terms may apply the interest rate of only 1 percent p.a. if calculating according to this reduction step.
VnEconomy
