State Bank revises up interest rates by 1% from September 23

Governor of the State Bank of Vietnam Nguyen Thi Hong has issued decisions on revising up several interest rates by 1%, starting from September 23.

Under the Decision No. 1606/QĐ-NHNN dated September 22, the refinancing interest rate will be set at 5% per year, rediscount at 3.5%, and overnight inter-banking lending rate at 6%. Under another decision, the interest rate for non-term and one-month deposits in Vietnamse dong is capped at 0.5% annually while that for 1-6 month deposits is 5%.

Deposits of 1-6 months at people’s credit funds and micro-finance organisations will enjoy an annual interest rate of 5.5%./.