Vietnamese Banks Raised Interest Rates To Pre-Pandemic Levels

Vietnamese Banks Raised Interest Rates To Pre-Pandemic Levels

HANOI, Nov 16 (NNN-VNA) – Commercial banks in Vietnam increased deposit interest rates to up to nearly 10 percent, amid inflationary pressure.

Sai Gon Joint Stock Commercial Bank, offered the highest rate with 9.75 percent interest, for customers depositing money for 13, 15, 18, 24 and 36-month terms. Vietnam Prosperity Joint Stock Commercial Bank, also increased interest rates to nine percent for online deposit with terms from 18 months.

Bac A Commercial Joint Stock Bank, Saigon-Hanoi Commercial Joint Stock Bank, Vietnam Technological and Commercial Joint Stock Bank and other banks have also hiked their interest rates this month, the report said.

The rates in many banks have been adjusted up, to reach or even surpass the pre-pandemic levels. Deposit interest rates and lending rates are forecasted to rise by 0.5-one percentage point in the last two months of this year, said the report, citing local analysts.

The State Bank of Vietnam (SBV), the country’s central bank, raised interest rates in late Oct as part of an effort to curb inflation risks, stabilise the foreign exchange market and protect the banking system.– NNN-VNA  


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