THE SOCIALIST REPUBLIC OF VIET NAM
Government News
State bank continues to keep benchmark interest rate kept at 8%
VGP – The State Bank of Việt Nam (SBV) just decided to keep the benchmark interest rate in Vietnamese currency unchanged at 8% per year in February 2010 and also in the straight third month.
The interest rate of loans,
except consumer credit contracts, provided by commercial banks is maintained
below 12% per year.
Macro-economic
stability is an important foundation for the State Bank to keep the benchmark
interest rate of 8% per year in February 2010 – Illustration photo
Rediscount and refunding interest
rates applied for commercial banks continue to be kept unchanged at 6% and 8%
per year respectively.
The rate for overnight
lending in inter-bank electronic payment and for offset deficit loans in bank clearing
is 8% per annum.
According to SBV Governor Nguyễn
Văn Giàu, macro-economic stability and undisturbed inflation rate are the
foundation for the SBV’s decision on interest rates.
On November 25, 2009, the
SBV raised the benchmark interest rate in Vietnamese currency to 8% per year
after ten months kept at 7%.