Bank deposit interest rate to be checked

Nguyen Van Giau, Governor of the State Bank of Vietnam (SBV) asked all bank directors in provinces and cities to check applications for deposit interest rates at all credit institutions nationwide.

 

Some commercial banks have currently raised deposit interest rates from 14% to 17-18% per year, pushing interest rates soaring.

Mr. Giau said State Bank has issued a memo asking credit institutions and their branches nationwide to hold the interest rate on Vietnam dong deposits at 14%.

As per the memo, SBV branches in provinces and cities were asked to inspect and supervise credit institutions’ interest rates on dong deposits and take measures against violators.

By H.Yen, translated by Son Ha

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