State Bank of Vietnam cuts some interest rates

The State Bank of Vietnam on August 6 announced its decision on cutting some policy rates with immediate effect, the second time this year following the adjustment on March 16.



Accordingly, the interest rate of compulsory reserves in VND at banks will be 0.5 percent per annum, and the interest rate on dong deposits from banks that exceed the minimum 3 percent requirement will be zero percent per annum, down 0.5 percent compared to the rates stipulated in a decision on March 16 this year.

The interest rate for deposits of the State Treasury, and the Deposit Insurance of Vietnam with the central bank is revised down to 0.8 percent per annum, down 0.2 percent.

The bank said the adjustment was made based on macro-economic developments and the level of interest rates in the market./.