Banks follow central bank, raise interest rates

 
Customers at a Techcombank branch, HCMC. Several banks have hiked deposit and loan interest rates after the central bank increased the prime rate to 8 percent. (Photo: SGGP)

After the State Bank of Vietnam increased the prime rate to 8 percent, several commercial banks have hiked deposit interest rates to a maximum of 10.49 percent.

Interest rates on US dollar deposits have also climbed by 0.3-0.7 percent to a maximum of 4.5 percent. 

Credit interest rates have also gone up -- by 0.5-2 percent in case of dong loans to 11--17 percent, and 0.3-0.5 percent in case of dollar loans to 5.5-7.5 percent on short-term loans and 6-8 percent on medium- and long-term loans.

Many commercial banks have begun to resume selling of foreign currencies to help stabilize the forex market, the central bank said.

By H. Yen – Translated by Truc Thinh

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