The State Bank of Vietnam (SBV) on August 6 announced its decision on cutting some policy rates with immediate effect, the second time this year following the adjustment on March 16.
Hanoi (VNA) - The State Bank ofVietnam (SBV) on August6 announced its decision on cutting some policyrates with immediateeffect, the second time this year following the adjustment on March 16.
Accordingly, the interest rate of compulsory reserves in VND at bankswill be 0.5 percent per annum, and the interest rate on dong deposits from banks that exceed the minimum 3percent requirement will be zero percent per annum, down 0.5 percent comparedto the rates stipulated in a decision on March 16 this year.
Meanwhile, the interest rate for deposits in VND by the VietnamDevelopment Bank (VDB) and Vietnam Bank for Social Policies (VBSP), bothstate-owned banks; People's Credit Funds and microfinance institutions willbe reduced by 0.2 percent to 0.8 percent per annum.
The interest rate for deposits of the State Treasury, and the DepositInsurance of Vietnam with the SBV is revised down to 0.8 percent per annum,down 0.2 percent.
The SBV said the adjustment was made based on macro-economic developmentsand the level of interest rates in the market./.
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Illustrative image (Photo: VNA) 
