State Bank increases interest rates by 1% from Friday
(VOVWORLD) - The State Bank of Vietnam has revised up several interest rates by 1% from Friday.
 State Bank of Vietnam. (Photo: VNA) |
Under a decision by Governor Nguyen Thi Hong, the refinancing interest rate will be set at 5% per year, rediscount at 3.5%, and overnight inter-banking lending rate at 6%.
The interest rate for non-term and one-month deposits in the Vietnamese dong is capped at 0.5% annually while that for 1-6 month deposits is 5%.
Deposits of 1-6 months at people’s credit funds and micro-finance organisations will enjoy an annual interest rate of 5.5%.
The move came after the US Federal Reserve (Fed) raised its benchmark rate by 75 basis points to battle inflation.