Twelve large banks pledge not to violate deposit interest rate cap

Twelve large commercial banks which account for 85% market share have reached an agreement not to exceed the deposit interest rate ceiling of 14% per year and pledged to keep loan interest rates for manufacturing sector at around 17-19% per year.
This information was released at the meeting of the State Bank of Vietnam (SBV) with 12 large banks on Oct. 4th aimed at exchanging banking market developments and devising measures to operate the local monetary market in the near future.

Ending the meeting, all participants committed to not exceed the deposit interest rate ceiling, to keep loan interest rates for manufacturing sector at around 17-19%/year or maybe down to 17%/year.

According to a banker at the meeting, the SBV will continue to inject cash on open market operations (OMO) to directly support the liquidity of banks with refinancing measures. – Vietbiz24

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial, Vietnam interest rates

Posted by VBN on Oct 6 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry