Several commercial banks have unexpectedly slightly cut the dong-denominated deposit interest rates in the past week, according to report by the State Bank of Vietnam (SBV).
Hanoi (VNA) - Several commercialbanks have unexpectedly slightly cut the dong-denominated deposit interestrates in the past week, according to report by the State Bank of Vietnam (SBV).
BIDV has inched down the rates for demand and36-month terms from 0.3 percent to 0.2 percent, and 7 percent to 6.8 percentper year, respectively, since November 29.
Agribank has also lowered the rate for demandterm from 0.5 percent to 0.3 percent per year.
In addition to the two State-owned banks, somecommercial joint stock banks have also cut deposit rates.
After cutting 0.1 percent for 6, 13 and 18-monthdeposits on November 9, the Viet Capital Bank on November 29 applied new ratesfor some terms, down 0.05 percent and 0.1 percent for 1-5 month terms and 13-18month terms, respectively. Currently, the bank’s rates are 5.3 percent for 1-2month terms, 5.4 percent for 3-5 month terms, 7.5 percent for 13-month term and7.9 percent for 18- month terms.
Sacombank has also lowered the rates forshort-term deposits, cutting rates for 2-3 month terms to 4.9 percent from 5.2percent per year.
According to SBV, currently, the popular depositinterest rates are 0.8-1 percent per year for demand and under 1 month terms,and 4.5-5.4 percent for 1-6 month terms. The popular rates applied for medium-and long-term deposits of 6-12 months and above 12 months are 5.4-6.5 percentand 6.4-7.2 percent, respectively.
The rate cut is aimed at balancing the banks’liquidity and is a positive move to cut input costs.
However, according to a leader of a joint stockcommercial bank, who declined to be named, it would be hard to forecastinterest rate movements in the next two months. He explained that demands forloans often rise sharply ahead of Tet (the lunar New Year), which falls in lateJanuary 2017.
Experts meanwhile were concerned about thestrengthening of the US dollar against the dong, saying that if the dollarcontinues to rise, dong savings holders could transfer to the Americancurrency, causing pressure on dong liquidity. If that happens, commercial bankswould have to adjust up interest rates to attract depositors.
The abundance of dong liquidity in the bankingsystem is lower than a few months ago in the wake of rising credit growth.According to the SBV, lending as of November 22 had expanded by around 14percent compared with December 2015, with dong loans rising 15.3 percent.-VNA
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Illustrative image (Photo: VNA) 
