Sunday , April 2 2023

Banks reduce deposit interest rates

Banks have cut deposit interest rates by 0.3-0.5 percentage points after Prime Minister Pham Minh Chinh called on them to foster economic recovery.

According to the State Bank of Vietnam, the four state-owned lenders, BIDV, Vietinbank, Vietcombank, and Agribank, cut their rates by 0.2 percentage points with effect from March 6.

Earlier private banks reduced their rates by half a percentage point.

As of March 6 the highest rate of 9.5% was offered by SCB and Kienlongbank.

According to the central bank, the lower deposit interest rates will help banks cut lending interest rates.

The interest rate spread, or the difference between loan and deposit interest rates, is usually 3-4 percentage points.

In December Prime Minister Pham Minh Chinh had said banks should cut costs to be able to reduce loan interest rates to foster growth.

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