State
bank cuts prime rate to 12 percent
VietNamNet Bridge – The Governor of the State Bank
of Vietnam (SBV) on Nov. 3 decided to cut the prime
interest rate in Vietnamese dong by 1 percent point
to 12 percent as from Nov. 5.
The decision will also slash the maximum lending interest
rate of credit organisations from 19.5 percent to
18 percent.
Those were
among several decisions made the SBV Governor in an
effort to facilitate credit organisations’ mobilisation
of capital and ensure their liquidity and cut lending
rates for capital-sought companies.
Coming
into effect from Nov. 5 will be the refinancing interest
rate of 13 percent instead of the previous 14 percent
and the discount rate of 11 percent from 12 percent.
Overnight
interest rates on the inter-bank market will be down
to 13 percent from 14 percent.
In another
move, the SBV Governor decided to decrease the compulsory
reserves in Vietnamese dong and foreign currencies
for credit institutions by 1 percent and 2 percent,
respectively.
Immediately
after being informed of those decisions, the Bank
for Agriculture and Rural Development (Agribank) and
the Vietnam Bank for Investment and Development decided
to apply their annum lending rates of 15-16 percent
in Vietnamese dong for agriculture household enterprises
and small and medium enterprises involved in export
and import.
