Eximbank cut gold deposit interest rates by 0.3%

Export-Import Joint Stock Commercial Bank (Eximbank) cut gold deposit interest rates by up to 0.3% p.a. for most terms from November 17, the state-run online newspaper VnEconomy reported November 18.

Export-Import Joint Stock Commercial Bank (Eximbank) cut gold deposit interest rates by up to 0.3% p.a. for most terms from November 17, the state-run online newspaper VnEconomy reported November 18.

Specifically, gold deposit interest rates were trimmed down to 0.7% p.a. from 1% p.a. for one-month term; to 0.8% p.a. from 1% p.a. for two-month term and to 0.2% p.a. from 0.5% p.a. for 4-month to 12-month terms, the state media reported.

However, interest rates for 3-month and from 18-month to 60-month terms remained unchanged at 1% p.a. and 0.05% p.a., respectively.

Earlier, Asian Joint Stock Commercial Bank (ACB) on November 8 cut interest rates of SJC and ACB gold deposits to between 0.25% p.a. and 0.8% p.a. for most terms, in which the highest gold deposit interest rates were between 1.5% p.a. and 1.6% p.a. for 13-month terms and from 0.9% p.a. to 1.5% p.a. for one-month to 12-month terms.

The move came after the State Bank of Vietnam issued Circular 22 to restrict local lenders’ gold deposit and lending activities. – Stoxplus.com

Tags: Gold deposit interest rates

Posted by VBN on Nov 18 2010. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry