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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.

01/26/2010 13:20

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
The interest rate of loans, except consumer credit contracts, provided by commercial banks is maintained below 12% per year.

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%.

By Phương Hạnh