Vietnam Daily News

Minimum lending interest rate stays at 13.5pct per year

Written by Dailynews.vn Saturday, 17 December 2011 17:44

The minimum lending rate of 13.5 percent per year is applied to corporate customers who pledge to sell foreign currency to banks, according to the banking operation report for the week December 3-9, 2011 released on Thusday by the State Bank of Vietnam.

The SBV said in its report that the dong deposit interest rates remained stable. Banks raised funds with the interest rate at 6 percent per year for non-term deposits and term of less than 1-month, 14 percent per year for terms of 1-month or more. Meanwhile, the US dollar interest rates were less volatile than last week.

The dong lending interest rates were relatively stable. In this period, interest rates for agriculture and rural areas, export stayed at 15-18 percent per year; the lowest of 13.5 percent per year is applied to businesses which committed to sell foreign currency for banks. The loan interest rate for other production and business sectors ranged from 18 to 21 percent per year, and the lowest rate was 15 percent per year, while the loan rate for non-manufacturing sector was between 22-25 percent per year.

The US dollar lending rates were less volatile than last week. Interest rates commonly stayed at 2 percent per year for deposits of residents and 0.5 percent per year for deposits of economic entities. Loan interest rates commonly ranged from 6 percent to 7.5 percent per year for the short-term and 7.5 percent to 9 percent per year for medium and long terms, the report said.

Source: www.intellasia.net/news/articles/finance/111351128.shtml