Gold deposit interest rates nosedives on government policy

Local gold deposit interest rates plunged up to 0.2% p.a. after Vietnam plans to close gold deposit and lending activities in 2 years time.

On April 22, ACB cuts gold deposit rates for 1-9 month terms to 0.2-0.5% p.a. from previous 0.5-1% p.a. and adjusted down gold deposit certificate interest rate to 0.7-0.8% p.a from previous 1-1.1% p.a. for 11 month term, end-term interest payment.

Eximbank cut gold deposit interest rates to 0.2% for 1 month, 6 month, and 364 day terms and to 0.4% at most for 3 month terms.

Vietnam plans to close gold deposit and lending activities in 2 years time, likely to start from this May through May 2013. However, market is still waiting for specific regulation and guidance from the SBV – Stoxplus.com

Tags: Gold deposit interest rates, vietnam gold, Vietnam gold market, Vietnam gold prices

Posted by VBN on Apr 26 2011. Filed under Banking-Finance, Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry